Req 5AReq 5BShow how the three inventory accounts are reported orInventoriesRaw materialsWork in processFinished goodsTotal inventories69$0 Marco Company shows the following costs for three jobs worked on in April.Balances on March 31Direct materials used (in March)Direct labor used (in March)Overhead applied (March)Costs during AprilDirect materials usedDirect labor usedOverhead appliedStatus on April 30Job 306$ 29,00020,00010,000135,00085,000?Finished(sold)Job 307$ 35,00018,0009,000Job 308220,000 $ 100,000150,000105,000?In process?Finished(unsold)Additional Informationa. Raw Materials Inventory has a March 31 balance of $80,000.b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000;factory utilities, $19,000; and factory equipment depreciation, $51,000.d. Predetermined overhead rate is 50% of direct labor cost.e. Job 306 is sold for $635,000 cash in April.

Answered: Req 5A Req 5B Show how the three…

Req 5A Req 5B Show how the three inventory accounts are r Inventories Raw materials Work in process Finished goods Total inventories 69 $ 0

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

Req 5A
Req 5B
Show how the three inventory accounts are reported or
Inventories
Raw materials
Work in process
Finished goods
Total inventories
69
$
0

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
Job 306
$ 29,000
20,000
10,000
135,000
85,000
?
Finished
(sold)
Job 307
$ 35,000
18,000
9,000
Job 308
220,000 $ 100,000
150,000
105,000
?
In process
?
Finished
(unsold)
Additional Information
a. Raw Materials Inventory has a March 31 balance of $80,000.
b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000;
factory utilities, $19,000; and factory equipment depreciation, $51,000.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $635,000 cash in April.

Expert Solution

Step 1 Introduction

The inventory comprises work in process, raw materials and finished goods inventory. The work in process is the cost of jobs that is not completed yet. The finished goods inventory is the cost of goods that are finished but not sold yet.

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