Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 33,800 $ 39,800 Direct labor used (in March) 24,800 22,800 Overhead applied (March) 14,800 13,800 Costs during April Direct materials used 147,000 232,000 $ 112,000 Direct labor used 89,800 162,000 117,000 Overhead applied ?question mark ?question mark ?question mark Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $84,800. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $647,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Prev Question 9 of 13 Total 9 of 13 Visit question mapNext McGraw Hill
Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 33,800 $ 39,800 Direct labor used (in March) 24,800 22,800 Overhead applied (March) 14,800 13,800 Costs during April Direct materials used 147,000 232,000 $ 112,000 Direct labor used 89,800 162,000 117,000 Overhead applied ?question mark ?question mark ?question mark Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $84,800. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $647,000 cash in April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Prev Question 9 of 13 Total 9 of 13 Visit question mapNext McGraw Hill
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter5: Product And Service Costing: Job-order System
Section: Chapter Questions
Problem 17E: During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:...
Related questions
Question
Marco Company shows the following costs for three jobs worked on in April.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials used (in March) $ 33,800 $ 39,800
Direct labor used (in March) 24,800 22,800
Overhead applied (March) 14,800 13,800
Costs during April
Direct materials used 147,000 232,000 $ 112,000
Direct labor used 89,800 162,000 117,000
Overhead applied ?question mark ?question mark ?question mark
Status on April 30 Finished (sold) Finished (unsold) In process
Additional Information
Raw Materials Inventory has a March 31 balance of $84,800.
Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000.
Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $22,000; and factory equipment depreciation , $54,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $647,000 cash in April.
5-a. Compute gross profit for April.
5-b. Show how the three inventory accounts are reported on the April 30 balance sheet .
Prev Question 9 of 13 Total 9 of 13 Visit question mapNext McGraw Hill
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning