! Required Information [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 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used Direct labor Job 306 1. Prepare a schedule of cost of goods manufactured for the month ended April 30. Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning $ 33,800 24,800 14,800 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 147,000 89,800 ? Finished (sold) a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. 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. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April. 0 Job 307 0 $ 39,800 22,800 13,800 232,000 162,000 ? Finished (unsold) Job 308 $ 112,000 117,000 ? In process
! Required Information [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 MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used Direct labor Job 306 1. Prepare a schedule of cost of goods manufactured for the month ended April 30. Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning $ 33,800 24,800 14,800 Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 147,000 89,800 ? Finished (sold) a. Raw Materials Inventory has a March 31 balance of $84,800. b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000. c. 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. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $647,000 cash in April. 0 Job 307 0 $ 39,800 22,800 13,800 232,000 162,000 ? Finished (unsold) Job 308 $ 112,000 117,000 ? In process
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
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.
Topic Video
Question
Transcribed Image Text: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
Show Transcribed Text
Req 5A
Req 5B
G
Raw materials
Work in process
Finished goods
Total inventories
Req 5B
Show how the three inventory accounts
Inventories
287,500
$ 287,500
![Required Information
[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
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $647,000 cash in April.
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Job 306
Direct materials used
Direct labor
Factory overhead applied
Total manufacturing costs
Add: Work in process inventory, beginning
Total cost of work in process
Less: Work in process inventory, ending
Cost of goods manufactured
$ 33,800
24,800
14,800
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
$
147,000
89,800
?
Finished
(sold)
a. Raw Materials Inventory has a March 31 balance of $84,800.
b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000.
c. 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.
0
0
Job 307
0
$ 39,800
22,800
13,800
232,000
162,000
?
Finished
(unsold)
Job 308
$ 112,000
117,000
?
In process](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6b0e48fb-2c03-4cd4-ad19-cc0211c37c23%2F2ac5f38d-68b3-4cb7-98a7-38c0c2fb316a%2Fxuqz547_processed.png&w=3840&q=75)
Transcribed Image Text:Required Information
[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
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $647,000 cash in April.
MARCO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Job 306
Direct materials used
Direct labor
Factory overhead applied
Total manufacturing costs
Add: Work in process inventory, beginning
Total cost of work in process
Less: Work in process inventory, ending
Cost of goods manufactured
$ 33,800
24,800
14,800
4. Prepare a schedule of cost of goods manufactured for the month ended April 30.
$
147,000
89,800
?
Finished
(sold)
a. Raw Materials Inventory has a March 31 balance of $84,800.
b. Raw materials purchases in April are $512,000, and total factory payroll cost in April is $375,000.
c. 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.
0
0
Job 307
0
$ 39,800
22,800
13,800
232,000
162,000
?
Finished
(unsold)
Job 308
$ 112,000
117,000
?
In process
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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