FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[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.
Additional Information
Direct materials used
Direct labor used
Overhead applied
Status on April 30
Req 5A
Gross profit
Job 306
Req 5B
Compute gross profit for April.
$ 25,000
24,000
12,000
137,000
105,000
<Req5A
?
Finished
(sold)
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.
Job 307
$ 41,000
18,000
9,000
5-a. Compute gross profit for April.
5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
Complete this question by entering your answers in the tabs below.
215,000 $ 110,000
150,000
?
102,000
?
In process
Finished
(unsold)
Job 308
Req 5B
>
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Transcribed Image Text:! 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. Additional Information Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Gross profit Job 306 Req 5B Compute gross profit for April. $ 25,000 24,000 12,000 137,000 105,000 <Req5A ? Finished (sold) 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. Job 307 $ 41,000 18,000 9,000 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. 215,000 $ 110,000 150,000 ? 102,000 ? In process Finished (unsold) Job 308 Req 5B >
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