! 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

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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
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
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
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