Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance 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.Req 5AReq 5BShow how the three inventory accounts are reported on the April 30 balance sheet.InventoriesRaw materialsWork in processFinished goodsTotal inventories< Req 5AReq 5B > Marco 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 used.Overhead appliedStatus on April 30Job 306Req 5A$ 25,00023,00011,500Req 5B135,000101,000?Finished(sold)Compute gross profit for April.Gross profitJob 307$ 35,00017,0008,500Additional Informationa. Raw Materials Inventory has a March 31 balance of $86,000.b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $381,000.c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $23,000; factory rent, $37,000;factory utilities, $21,000; and factory equipment depreciation, $58,000.d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $655,000 cash in April.215,000 $ 110,000153,000104,000?In process?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

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Description: Do Not Give Solution In Image Format And Fast Answering Please Thanks In Advance 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

The jobs which remain incomplete form part of Work in process inventory, once they are completed,…

Business

Accounting

Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 $ 25,000 $ 35,000 23,000 11,500 17,000 8,500 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 30 135,000 101,000 ? Req 5A Finished (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $381,000. Req 5B Compute gross profit for April. Gross profit 215,000 $110,000 153,000 ? Finished (unsold) c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $23,000; factory rent, $37,000; factory utilities, $21,000; and factory equipment depreciation, $58,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Complete this question by entering your answers in the tabs below. Job 308 a. Compute gross profit for April. b. Show how the three inventory accounts are reported on the April 30 balance sheet. 104,000 ? In process

Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 $ 25,000 $ 35,000 23,000 11,500 17,000 8,500 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 30 135,000 101,000 ? Req 5A Finished (sold) Additional Information a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $381,000. Req 5B Compute gross profit for April. Gross profit 215,000 $110,000 153,000 ? Finished (unsold) c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $23,000; factory rent, $37,000; factory utilities, $21,000; and factory equipment depreciation, $58,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Complete this question by entering your answers in the tabs below. Job 308 a. Compute gross profit for April. b. Show how the three inventory accounts are reported on the April 30 balance sheet. 104,000 ? In process

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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