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 2-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Job 306 Cost of goods manufactured $ 37,880 28,880 18,880 4 155,880 93,880 7 Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factor factory utilities, $24,000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Job 387 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. $ 43,999 26,998 17,898 0 Job 388 240,999 $ 128,000 170,998 125,000 7 In process Finished (unsold)

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 2-2A (Algo) Part 4 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Job 306 Cost of goods manufactured $ 37,880 28,880 18,880 4 155,880 93,880 7 Finished (sold) a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $55.000; indirect labor, $28,000; factor factory utilities, $24,000, and factory equipment depreciation, $56.000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Job 387 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. $ 43,999 26,998 17,898 0 Job 388 240,999 $ 128,000 170,998 125,000 7 In process Finished (unsold)

Name: CHMarco Company shows the following costs for three jobs worked on in
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Description: CHMarco Company shows the following costs for three jobs worked on in AprilBalances on March 31birect materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect Labor usedOverhead appli

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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