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 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 $ 26,000 21,000 10,500 Total cost of work in process 132,000 102,000 Cost of goods manufactured Finished (sold) Job 387 $.41,000 17,000 8,500 Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $27,000; factory rent, $39,000, factory utilities, $23,000, and factory equipment depreciation, $62,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. 215,000 $ 110,000 153,000 103,000 ? In process 2 Finished. (unsold) Job 308
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 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Job 306 $ 26,000 21,000 10,500 Total cost of work in process 132,000 102,000 Cost of goods manufactured Finished (sold) Job 387 $.41,000 17,000 8,500 Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $27,000; factory rent, $39,000, factory utilities, $23,000, and factory equipment depreciation, $62,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. 215,000 $ 110,000 153,000 103,000 ? In process 2 Finished. (unsold) Job 308
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![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
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs
Job 306
$ 26,000
21,000
10,500
Total cost of work in process
132,000
102,000
Cost of goods manufactured
Finished
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $385,000.
c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $27,000, factory rent,
$39,000, factory utilities, $23,000, and factory equipment depreciation, $62,000.
d. Predetermined overhead rate is 50% of direct labor cost
e. Job 306 is sold for $630,000 cash in April,
4. Prepare a schedule of cost of goods manufactured for the month end April 30.
Job 307
$ 41,000
17,000
8,500
Job 308
215,000 $ 110,000
153,000 103,000
2
?
Finished.
In process
(unsold)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7093ecba-b133-4717-8763-cf52fea08762%2F28875f4e-c183-4168-ad2c-94eacccb634b%2Fuww5eoc_processed.jpeg&w=3840&q=75)
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
Direct materials used
Direct labor used
Overhead applied
Status on April 30
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs
Job 306
$ 26,000
21,000
10,500
Total cost of work in process
132,000
102,000
Cost of goods manufactured
Finished
(sold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,000.
b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $385,000.
c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $27,000, factory rent,
$39,000, factory utilities, $23,000, and factory equipment depreciation, $62,000.
d. Predetermined overhead rate is 50% of direct labor cost
e. Job 306 is sold for $630,000 cash in April,
4. Prepare a schedule of cost of goods manufactured for the month end April 30.
Job 307
$ 41,000
17,000
8,500
Job 308
215,000 $ 110,000
153,000 103,000
2
?
Finished.
In process
(unsold)
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Compute gross profit Request 5A job 306 is sold for $685000 cash in Apri
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