Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April- Direct materials used Direct labor used. Overhead applied Status on April 30 Additional Information Job 306 $ 25,000 24,000 12,000 137,000 105,000 Job 307 $ 41,000 18,000 9,000 215,000 150,000 ? Finished Finished (sold) (unsold) Job 308 $ 110,000 102,000 Complete this question by entering your answers in the tabs below. In process a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $21,000; factory rent, $38,000 factory utilities, $19,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April- Direct materials used Direct labor used. Overhead applied Status on April 30 Additional Information Job 306 $ 25,000 24,000 12,000 137,000 105,000 Job 307 $ 41,000 18,000 9,000 215,000 150,000 ? Finished Finished (sold) (unsold) Job 308 $ 110,000 102,000 Complete this question by entering your answers in the tabs below. In process a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $378,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $21,000; factory rent, $38,000 factory utilities, $19,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

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Description: !Required information[The following information applies to the questions displayed below.]Marco Company shows the following costs for three jobs worked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overh

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials: Direct labor Overhead applied Additional Information a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400; and applied overhead, $2,500. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. Job 5 $ 18, 200 11, 200 5,600 Job 6 $ 34,600 17,400 8,700 Total transferred cost Job 7 $ 28,600 24, 200 12,100 4. What is the total cost transferred to Finished Goods Inventory in June?
Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 33,000 $ 39,000 Direct labor used (in March) 24,000 22,000 Overhead applied (March) 14,000 13,000 Costs during April Direct materials used 145,000 230,000 $ 110,000 Direct labor used 89,000 160,000 115,000 Overhead applied ?question mark ?question mark ?question mark Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $84,000. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $373,000. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash…
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Kelley Company shows the following costs for three jobs worked on in April Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 387 Job 308 $31,000 22,080 11,000 $ 38,000 19,000 9,508 137,000 80,000 7 223,000 155,000 $ 101,000 105,000 7 Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $502,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in April are Indirect materials, $51,000; Indirect labor. $24,000; factory rent, $33,000; factory utilities. $20,000; and factory equipment depreciation. $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $610,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement…
! Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 15,400 8,400 4,200 Job 6 $ 33,200 14,600 7,300 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $6,200; direct labor, $2,000; and applied overhead, $1,100. Job 5 was finished in June. Direct labor used in June b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. 2. What is the total cost of direct labor used in June? Job 7 $ 27,200 21,400 10,700 $ 396,000
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Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,200 11, 200 5,600 What is the predetermined overhead rate? edetermined overhead rate Job 6 $ 34,600 17,400 8,700 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,600; direct labor, $3,400, and applied overhead, $2,500. Job 5 was finished in June. Job 7 $ 28,600 24,200 12,100 b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. c. Overhead cost is applied with a predetermined rate based on direct labor cost. The predetermined overhead rate did not change across these months. % Check my work
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Required information [The following information applies to the questions displayed below.] At the end of June, the job cost sheets at Ace Roofers show the following costs accumulated on three jobs. At June 30 Direct materials Direct labor Overhead applied Additional Information Job 5 $ 18,400 11, 400 5,700 Job 6 $ 34,700 17,600 8,800 Job 7 $ 28,700 24,400 12, 200 a. Job 5 was started in May, and the following costs were assigned to it in May: direct materials, $7,700; direct labor, $3,500; and applied overhead, $2,600. Job 5 was finished in June. b. Job 6 and Job 7 were started in June; Job 6 was finished in June, and Job 7 is to be completed in July. Total transferred cost c. Overhead cost is applied with a predetermined rate based on direct bor cost. The predetermined overhead rate did not change across these months. 4. What is the total cost transferred to Finished Goods Inventory in June?
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