[The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked 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 Informationa. Raw Materials Inventory has a March 31 balance of$85,200.Job 306Req 5A$ 34,20025,20015,200Req 5B148,00090, 200?Finished(sold)b. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.Compute gross profit for April.Gross profit<Job 307d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.Req 5A$40,20023,20014,2005-a. Compute gross profit for April.5-b. Show how the three inventory accounts are reported onthe April 30 balance sheet.233,000163,000?Finished(unsold)Complete this question by entering your answersInReq 5B > [The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked 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 Informationa. Raw Materials Inventory has a March 31 balance of$85,200.Job 306eq 5A$ 34,20025,20015,200148,00090,200?Finished(sold)b. Raw materials purchases in April are $513,000, and totalfactory payroll cost in April is $376,000.c. Actual overhead costs incurred in April are indirectmaterials, $53,250; indirect labor, $26,250; factory rent,$35,250; factory utilities, $22,250; and factory equipmentdepreciation, $54,250.Req 5Bmpute gross profit for April.profitJob 307d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $648,000 cash in April.Req 5A$ 40,20023,20014, 200Compute gross profit for April.Show how the three inventory accounts are reported onApril 30 balance sheet.Finished(unsold)233,000 $ 113,00163,000118,000??>mplete this question by entering your answers in tJob 308In procesReq 5B >

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Description: [The following information applies to the questionsdisplayed below.]Marco Company shows the following costs for three jobsworked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Cost

The gross profit is calculated as total sales revenue less cost of goods sold. The inventory is the…

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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 $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. Job 307 $ 40,200 23,200 14,200 I 233,000 $ 163,000 ? Finished (unsold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. In

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 $ 34,200 25,200 15,200 148,000 90,200 ? Finished (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $85,200. Job 307 $ 40,200 23,200 14,200 I 233,000 $ 163,000 ? Finished (unsold) b. Raw materials purchases in April are $513,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $53,250; indirect labor, $26,250; factory rent, $35,250; factory utilities, $22,250; and factory equipment depreciation, $54,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $648,000 cash in April. In

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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