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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education