Req 5ACompute gross profit for April.Gross profitReq 5AReq 5BReq 5BShow how the three inventory accounts areRaw materialsWork in processFinished goodsTotal inventoriesInventories$0 Marco Company shows the following costs for three jobs worked on inApril.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Problem 19-2A (Algo) Part 4MARCO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30Total manufacturing costsJob 306Total cost of work in process$ 34,60025,60015,600Cost of goods manufactured149,00090,600?Finished(sold)Job 307$ 40,60023,60014,600Additional Informationa. Raw Materials Inventory has a March 31 balance of $85,600.b. Raw materials purchases in April are $514,000, and total factory payrollcost in April is $377,000.c. Actual overhead costs incurred in April are indirect materials, $53,500;indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; andfactory equipment depreciation, $54,500.d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $649,000 cash in April.234,000164,000?Finished(unsold)4. Prepare a schedule of cost of goods manufactured for the month ended April 30.Job 308$ 114,000119,000?In process

Name: Req 5ACompute gross profit for April.Gross profitReq 5AReq 5BReq 5BSh
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Description: Req 5ACompute gross profit for April.Gross profitReq 5AReq 5BReq 5BShow how the three inventory accounts areRaw materialsWork in processFinished goodsTotal inventoriesInventories$0 Marco Company shows the following costs for three jobs worked on inA

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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 Job 306 $ 34,600 25,600 15,600 149,000 90,600 ? Finished (sold) Job 307 $ 40,600 23,600 14,600 234,000 164,000 ? Finished (unsold) Job 36 $ 114,6 119,6 ? In proce Additional Information a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $649.000 cash in April.

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 Job 306 $ 34,600 25,600 15,600 149,000 90,600 ? Finished (sold) Job 307 $ 40,600 23,600 14,600 234,000 164,000 ? Finished (unsold) Job 36 $ 114,6 119,6 ? In proce Additional Information a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $649.000 cash in April.

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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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 Job 306 $ 28,000 21,000 10,500 132,000 102,000 Finished (sold) Job 307 $ 39,000 18,000 9,000 215,000 $ 115,000 152,000 104,000 P In process P Finished (unsold) Job 308 a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold…
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