Required Information Problem 19-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] 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 Job 387 Job 308 $ 32,200 23,200 13,200 $ 38,200 21,200 12,200 143,000 88,200 ? 228,000 158,000 ? $ 108,000 113,000 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases In April are $508,000, and total factory payroll cost In April Is $371,000. c. Actual overhead costs Incurred In April are Indirect materials, $52,000; Indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $643,000 cash In April. Problem 19-2A (Algo) Part 5 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. Req 5A Req SB Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Work in process Finished goods Total inventories Inventories
Required Information Problem 19-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] 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 Job 387 Job 308 $ 32,200 23,200 13,200 $ 38,200 21,200 12,200 143,000 88,200 ? 228,000 158,000 ? $ 108,000 113,000 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $83,200. b. Raw materials purchases In April are $508,000, and total factory payroll cost In April Is $371,000. c. Actual overhead costs Incurred In April are Indirect materials, $52,000; Indirect labor, $25,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $643,000 cash In April. Problem 19-2A (Algo) Part 5 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. Req 5A Req SB Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Work in process Finished goods Total inventories Inventories
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 3SEB: JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following...
Related questions
Question
![Required Information
Problem 19-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[The following information applies to the questions displayed below.]
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
Job 387
Job 308
$ 32,200
23,200
13,200
$ 38,200
21,200
12,200
143,000
88,200
?
228,000
158,000
?
$ 108,000
113,000
Finished
(sold)
Finished
(unsold)
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $83,200.
b. Raw materials purchases In April are $508,000, and total factory payroll cost In April Is $371,000.
c. Actual overhead costs Incurred In April are Indirect materials, $52,000; Indirect labor, $25,000; factory rent,
$34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000.
d. Predetermined overhead rate is 50% of direct labor cost
e. Job 306 is sold for $643,000 cash In April.
Problem 19-2A (Algo) Part 5
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.
Req 5A
Req SB
Show how the three inventory accounts are reported on the April 30 balance sheet.
Raw materials
Work in process
Finished goods
Total inventories
Inventories
<Req 5A
Reg 58](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9874eb82-c9d1-4843-ba23-ac1184d890ee%2F48f925a6-8470-43e4-a0b8-3cab25e46c8b%2Fdba450g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Problem 19-2A (Algo) Computing and recording Job costs; preparing schedule of cost of goods
manufactured LO P1, P2, P3, P4
[The following information applies to the questions displayed below.]
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
Job 387
Job 308
$ 32,200
23,200
13,200
$ 38,200
21,200
12,200
143,000
88,200
?
228,000
158,000
?
$ 108,000
113,000
Finished
(sold)
Finished
(unsold)
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $83,200.
b. Raw materials purchases In April are $508,000, and total factory payroll cost In April Is $371,000.
c. Actual overhead costs Incurred In April are Indirect materials, $52,000; Indirect labor, $25,000; factory rent,
$34,000; factory utilities, $21,000; and factory equipment depreciation, $53,000.
d. Predetermined overhead rate is 50% of direct labor cost
e. Job 306 is sold for $643,000 cash In April.
Problem 19-2A (Algo) Part 5
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.
Req 5A
Req SB
Show how the three inventory accounts are reported on the April 30 balance sheet.
Raw materials
Work in process
Finished goods
Total inventories
Inventories
<Req 5A
Reg 58
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