mpany shows the 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 ing costs for three jobs Job 306 $ 30,600 21,600 11,600 Req 5A 139,000 86,600 Finished (sold) Req 5B Raw materials Work in process Finished goods Total inventories Job 307 $ 36,600 19,600 10,600 Inventories 224,000 154,000 ? Finished (unsold) Complete this question by entering your answers in the tabs below. Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is April. $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 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. Job 308 $ 104,000 109,000 In process Show how the three inventory accounts are reported on the April 30 balance sheet.
mpany shows the 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 ing costs for three jobs Job 306 $ 30,600 21,600 11,600 Req 5A 139,000 86,600 Finished (sold) Req 5B Raw materials Work in process Finished goods Total inventories Job 307 $ 36,600 19,600 10,600 Inventories 224,000 154,000 ? Finished (unsold) Complete this question by entering your answers in the tabs below. Additional Information a. Raw Materials Inventory has a March 31 balance of $81,600. b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is April. $367,000. c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $639,000 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. Job 308 $ 104,000 109,000 In process Show how the three inventory accounts are reported on the April 30 balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text: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
Req 5A
Job 306
$ 30,600
21,600
11,600
Additional Information
a. Raw Materials Inventory has a March 31 balance of $81,600.
b. Raw materials purchases in April are $504,000, and total factory payroll cost in April is
Req 5B
Raw materials
Work in process
Finished goods
Total inventories
139,000
86,600
?
Finished
(sold)
$367,000.
c. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $24,000;
factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $52,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $639,000 cash in April.
Job 307
$36,600
19,600
10,600
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.
Inventories
$
224,000 $ 104,000
154,000
109,000
?
In process
Finished
(unsold)
0
Show how the three inventory accounts are reported on the April 30 balance sheet.
Job 308
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