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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F58bd1525-75ec-46a5-be25-53d8789ee850%2F484c3673-161f-497b-999a-8b34eeecdc51%2Fvhfgt8_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
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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