5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![0:33
nces
[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
Problem 15-2A (Static) Part 5
Job 306
Req 5A
$ 29,000
20,000
10,000
Req 5B
135,000
85,000
?
Finished
(sold)
a. Raw Materials Inventory has a March 31 balance of $80,000.
b. Raw materials purchases in April are $500,000, and total factory
payroll cost in April is $363,000.
c. Actual overhead costs incurred in April are indirect materials,
$50,000; indirect labor, $23,000; factory rent, $32,000; factory
utilities, $19,000; and factory equipment depreciation, $51,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $635,000 cash in April.
Compute gross profit for April.
Job 307
$ 35,000
18,000
9,000
220,000
150,000
?
Finished
(unsold)
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.
Job 30
$100,01
105,01
?
In proce](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbddb4cdf-9551-45b9-bc52-bfc5a12ad6b5%2F5969cdf1-6e36-4dde-9834-2c782eb96646%2F1phdko_processed.jpeg&w=3840&q=75)
Transcribed Image Text:0:33
nces
[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
Problem 15-2A (Static) Part 5
Job 306
Req 5A
$ 29,000
20,000
10,000
Req 5B
135,000
85,000
?
Finished
(sold)
a. Raw Materials Inventory has a March 31 balance of $80,000.
b. Raw materials purchases in April are $500,000, and total factory
payroll cost in April is $363,000.
c. Actual overhead costs incurred in April are indirect materials,
$50,000; indirect labor, $23,000; factory rent, $32,000; factory
utilities, $19,000; and factory equipment depreciation, $51,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $635,000 cash in April.
Compute gross profit for April.
Job 307
$ 35,000
18,000
9,000
220,000
150,000
?
Finished
(unsold)
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.
Job 30
$100,01
105,01
?
In proce
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