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Required information Problem 2-2A (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 Additional Information Job 306 $ 31,800 22,800 12,800 142,000 87,800 ? Finished (sold) Job 307 $ 37,800 20,800 11,800 Job 308 227,000 $ 107,000 157,000 112,000 ? ? In process Finished (unsold) a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51,750; indirect labor, $24,750; factory rent, $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April.

Required information Problem 2-2A (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 Additional Information Job 306 $ 31,800 22,800 12,800 142,000 87,800 ? Finished (sold) Job 307 $ 37,800 20,800 11,800 Job 308 227,000 $ 107,000 157,000 112,000 ? ? In process Finished (unsold) a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51,750; indirect labor, $24,750; factory rent, $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April.

FINANCIAL ACCOUNTING
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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Problem 2-2A (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 Compute gross profit for April. Gross profit Req 5B Problem 2-2A (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 Raw materials Work in process Finished goods Total inventories Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories 275,000 $ 275,000
Transcribed Image Text:Problem 2-2A (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 Compute gross profit for April. Gross profit Req 5B Problem 2-2A (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 Raw materials Work in process Finished goods Total inventories Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories 275,000 $ 275,000
Required information Problem 2-2A (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 Additional Information Job 306 $ 31,800 22,800 12,800 142,000 87,800 ? Finished (sold) Job 307 $ 37,800 20,800 11,800 Job 308 227,000 $ 107,000 157,000 ? Finished (unsold) 112,000 ? In process a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51,750; indirect labor, $24,750; factory rent, $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April.
Transcribed Image Text:Required information Problem 2-2A (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 Additional Information Job 306 $ 31,800 22,800 12,800 142,000 87,800 ? Finished (sold) Job 307 $ 37,800 20,800 11,800 Job 308 227,000 $ 107,000 157,000 ? Finished (unsold) 112,000 ? In process a. Raw Materials Inventory has a March 31 balance of $82,800. b. Raw materials purchases in April are $507,000, and total factory payroll cost in April is $370,000. c. Actual overhead costs incurred in April are indirect materials, $51,750; indirect labor, $24,750; factory rent, $33,750; factory utilities, $20,750; and factory equipment depreciation, $52,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $642,000 cash in April.
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