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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 Problem 2-2A (Algo) Part 4 $ 29,000 25,000 12,500 133,000 103,000 ? Finished (sold) Job 307 $ 38,000 16,000 8,000 Job 308 210,000 $ 115,000 152,000 104,000 ? ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30.

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 Problem 2-2A (Algo) Part 4 $ 29,000 25,000 12,500 133,000 103,000 ? Finished (sold) Job 307 $ 38,000 16,000 8,000 Job 308 210,000 $ 115,000 152,000 104,000 ? ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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15 ed < es [The following information applies to the 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 $ 29,000 25,000 12,500 Problem 2-2A (Algo) Part 4 133,000 103,000 Finished (sold) Job 307 $ 38,000 16,000 8,000 Job 308 210,000 $ 115,000 152,000 ? 104,000 ? In process Finished (unsold) a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30.
Transcribed Image Text:15 ed < es [The following information applies to the 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 $ 29,000 25,000 12,500 Problem 2-2A (Algo) Part 4 133,000 103,000 Finished (sold) Job 307 $ 38,000 16,000 8,000 Job 308 210,000 $ 115,000 152,000 ? 104,000 ? In process Finished (unsold) a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $383,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. 4. Prepare a schedule of cost of goods manufactured for the month end April 30.
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