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The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $85.000 Raw materials purchases in April are $590,000, and factory payroll cost in April is $384.000 Overhead costs incurred in April are indirect materials, $55,000, indirect labor $28,000, factory rent $38.000, factory utilises, $20.000, and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $700.000 cash in April Costs of the three jobs worked on in Aprill follow Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct $ 25,000 23,000 135,000 $38,000 15,000 210,000 251 $105,000

The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $85.000 Raw materials purchases in April are $590,000, and factory payroll cost in April is $384.000 Overhead costs incurred in April are indirect materials, $55,000, indirect labor $28,000, factory rent $38.000, factory utilises, $20.000, and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $700.000 cash in April Costs of the three jobs worked on in Aprill follow Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct $ 25,000 23,000 135,000 $38,000 15,000 210,000 251 $105,000

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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Required information [The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $85.000 Raw materials purchases in April are $590,000, and factory payroll cost in April is $384.000 Overhead costs incurred in April are indirect materials, $55,000, indirect labor $28,000, factory rent, $38.000, factory utlines, $20,000, and factory equipment depreciation, $61,000. The predetermined overhead rate is jobs worked on in April follow 50% of direct labor cost Job 306 is sold for $700,000 cash in April Costs of the three Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 700 300 5:28,000 23,000 11,500 Work in process Finished goods Total inventories 135,000 100,000 7 $ 200.000 Finished (sold) $ 700.000 306 307 $ 38,000 15,000 7,500 210,000 $105,000 151,000 105,000 4-a. Compute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet Finished (unsold) Complete this question by entering your answers in the tabs below. process Required 44 Required 48 Show how to present the inventaries on the Apel 30 balance sheet Inventales
Transcribed Image Text:Required information [The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $85.000 Raw materials purchases in April are $590,000, and factory payroll cost in April is $384.000 Overhead costs incurred in April are indirect materials, $55,000, indirect labor $28,000, factory rent, $38.000, factory utlines, $20,000, and factory equipment depreciation, $61,000. The predetermined overhead rate is jobs worked on in April follow 50% of direct labor cost Job 306 is sold for $700,000 cash in April Costs of the three Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 700 300 5:28,000 23,000 11,500 Work in process Finished goods Total inventories 135,000 100,000 7 $ 200.000 Finished (sold) $ 700.000 306 307 $ 38,000 15,000 7,500 210,000 $105,000 151,000 105,000 4-a. Compute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet Finished (unsold) Complete this question by entering your answers in the tabs below. process Required 44 Required 48 Show how to present the inventaries on the Apel 30 balance sheet Inventales
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