Marco Company shows the following costs for three jobs worked on in April. Job 306Job 307Job 308Balances on March 31 Direct materials used (in March)$ 29,000$ 35,000 Direct labor used (in March)20,00018,000 Overhead applied (March)10,0009,000 Costs during April Direct materials used135,000220,000$ 100,000Direct labor used85,000150,000105,000Overhead applied?question mark?question mark?question markStatus on April 30Finished (sold)Finished (unsold)In processAdditional InformationRaw Materials Inventory has a March 31 balance of $80,000.Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000.Predetermined overhead rate is 50% of direct labor cost.Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) Part 55-a. Compute gross profit for April.5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.

Name: Marco Company shows the following costs for three jobs worked on in Ap
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Description: Marco Company shows the following costs for three jobs worked on in April. Job 306Job 307Job 308Balances on March 31 Direct materials used (in March)$ 29,000$ 35,000 Direct labor used (in March)20,00018,000 Overhead applied (March)10,0009,000 Costs

The gross profit is calculated as the difference between the sales and cost of goods sold. The…

Answered: Marco Company shows the following costs…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 4BE: Applying factory overhead Bergan Company estimates that total factory overhead costs will be 620,000...

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Marco Company shows the following costs for three jobs worked on in April.

	Job 306	Job 307	Job 308
Balances on March 31
Direct materials used (in March)	$ 29,000	$ 35,000
Direct labor used (in March)	20,000	18,000
Overhead applied (March)	10,000	9,000
Costs during April
Direct materials used	135,000	220,000	$ 100,000
Direct labor used	85,000	150,000	105,000
Overhead applied	?question mark	?question mark	?question mark
Status on April 30	Finished (sold)	Finished (unsold)	In process

Additional Information

Raw Materials Inventory has a March 31 balance of $80,000.
Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000.
Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $635,000 cash in April.

Problem 15-2A (Static) 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.

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