15ed<es[The following information applies to theMarco Company shows the following costs for three jobs worked on in April.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 30Additional InformationJob 306$ 29,00025,00012,500Problem 2-2A (Algo) Part 4133,000103,000Finished(sold)Job 307$ 38,00016,0008,000Job 308210,000 $ 115,000152,000?104,000?In processFinished(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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Description: 15ed<es[The following information applies to theMarco Company shows the following costs for three jobs worked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirec

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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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