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 Reg 5A $ 33,000 24,000 14,000 Req 5B 145,000 89,000 ? Finished (sold) Compute gross profit for April. Gross profit Job 307 $ 253,000 X $ 39,000 22,000 13,000 230,000 160,000 ? 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 $373,000. c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, Finished (unsold) $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 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. Complete this question by entering your answers in the tabs below. Job 308 $ 110,000 115,000 ? In process Answer is complete but not entirely correct.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
Direct materials used
Direct labor used
Overhead applied
Status on April 30
Additional Information
Reg 5A
Job 306
$ 33,000
24,000
14,000
145,000
89,000
?
Req 5B
Compute gross profit for April.
$ 253,000 X
Gross profit
Finished
(sold)
Job 307
$ 39,000
22,000
13,000
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 $373,000.
c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent,
230,000
160,000
$34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $645,000 cash in April.
< Req 5A
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 308
$ 110,000
115,000
?
In process
Answer is complete but not entirely correct.
Req 5B >
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 Additional Information Reg 5A Job 306 $ 33,000 24,000 14,000 145,000 89,000 ? Req 5B Compute gross profit for April. $ 253,000 X Gross profit Finished (sold) Job 307 $ 39,000 22,000 13,000 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 $373,000. c. Actual overhead costs incurred in April are indirect materials, $52,500; indirect labor, $25,500; factory rent, 230,000 160,000 $34,500; factory utilities, $21,500; and factory equipment depreciation, $53,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645,000 cash in April. < Req 5A 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 308 $ 110,000 115,000 ? In process Answer is complete but not entirely correct. Req 5B >
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