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 311 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used i Direct labor used i Overhead applied Status on April 30 Job 306 $33,400 24,400 14,400 146,000 89,400 Finished (sold) Job 307 $ 39,400 22,400 13,400 231,000 161,000 Finished (unsold) Job 308 $ 111,000 116,000 In process Additional Information. a. Raw Materials Inventory has a March 31 balance of $84,400. b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in Apřil are indirect materials, $52.750; indirect labor, $25,750; factory rent, $34,750, factory utilities, $21,750; and factory equipment depreciation, $53,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $646,000 cash in April.
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 311 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used i Direct labor used i Overhead applied Status on April 30 Job 306 $33,400 24,400 14,400 146,000 89,400 Finished (sold) Job 307 $ 39,400 22,400 13,400 231,000 161,000 Finished (unsold) Job 308 $ 111,000 116,000 In process Additional Information. a. Raw Materials Inventory has a March 31 balance of $84,400. b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000. c. Actual overhead costs incurred in Apřil are indirect materials, $52.750; indirect labor, $25,750; factory rent, $34,750, factory utilities, $21,750; and factory equipment depreciation, $53,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $646,000 cash in April.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,400.
b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000.
c. Actual overhead costs incurred in April are indirect materials, $52,750; Indirect labor, $25,750; factory rent, $34,750:
factory utilities, $21,750; and factory equipment depreciation, $53,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $646,000 cash in April.
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
Req 58
Show how the three inventory accounts are reported on the April 30 balance sheet.
Inventories
Status on April 30
4
Req SA
Compute gross profit for April.
$ 646,000
Gross profit
Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,400.
b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000.
c. Actual overhead costs incurred in April are indirect materials, $52,750; indirect labor, $25,750; factory rent, $34,750;
factory utilities, $21,750; and factory equipment depreciation, $53,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $646,000 cash in April.
(sold)
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 5B
(unsold)
<Req 5A
In process
Req 5B >
![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
Job 306
$ 33,400
24,400
14,400
146,000
89,400
Finished
(sold)
Job 307
$ 39,400
22,400
13,400
231,000 $ 111,000
161,000
116,000
Finished
(unsold)
Job 308
factory utilities, $21,750; and factory equipment depreciation, $53,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $646,000 cash in April.
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,400.
b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000.
c. Actual overhead costs incurred in Apřil are Indirect materials, $52,750; indirect labor, $25,750; factory rent, $34,750,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee246e18-2686-4f3b-bfb2-23125dafcffa%2F3f844c0f-9adf-41e8-b94d-c6c22278491f%2F49sz7rd_processed.jpeg&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
Job 306
$ 33,400
24,400
14,400
146,000
89,400
Finished
(sold)
Job 307
$ 39,400
22,400
13,400
231,000 $ 111,000
161,000
116,000
Finished
(unsold)
Job 308
factory utilities, $21,750; and factory equipment depreciation, $53,750.
d. Predetermined overhead rate is 50% of direct labor cost.
e. Job 306 is sold for $646,000 cash in April.
In process
Additional Information
a. Raw Materials Inventory has a March 31 balance of $84,400.
b. Raw materials purchases in April are $511,000, and total factory payroll cost in April is $374,000.
c. Actual overhead costs incurred in Apřil are Indirect materials, $52,750; indirect labor, $25,750; factory rent, $34,750,
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