Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 $ 36,000 $ 30,000 25,000 12,500 18,000 9,000 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 30 134,000 101,000 ? Finished (sold) 215,000 150,000 Finished (unsold) Job 308 $105,000 102,000 ? In process Check my Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $24,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $695,000 cash in April. -a. Compute gross profit for April. -b. Show how the three inventory accounts are reported on the April 30 balance sheet.

Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 $ 36,000 $ 30,000 25,000 12,500 18,000 9,000 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 30 134,000 101,000 ? Finished (sold) 215,000 150,000 Finished (unsold) Job 308 $105,000 102,000 ? In process Check my Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $56,000; indirect labor, $24,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $695,000 cash in April. -a. Compute gross profit for April. -b. Show how the three inventory accounts are reported on the April 30 balance sheet.

Name: Marco Company shows the following costs for three jobs worked on in A
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Description: Marco Company shows the following costs for three jobs worked on in April.Job 306Job 307$ 36,000$ 30,00025,00012,50018,0009,000Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during 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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