Question

In: Accounting

Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3,...

Required information

Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4

[The following information applies to the questions displayed below.]

Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow.

Job 306 Job 307 Job 308
Balances on March 31
Direct materials $ 29,000 $ 43,000
Direct labor 20,000 17,000
Applied overhead 10,000 8,500
Costs during April
Direct materials 136,000 200,000 $ 110,000
Direct labor 101,000 150,000 100,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process

Problem 15-1A Part 4

4.1 Compute gross profit for April.

Gross Profit $0

4.2 Show how to present the inventories on the April 30 balance sheet.

Inventories
Raw materials $0
Work in process 0
Finished goods 0
Total inventories $0

Solutions

Expert Solution


Related Solutions

Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3,...
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50%...
Required information Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3,...
Required information Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $364,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50%...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $20,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [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 $550,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $29,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $20,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $27,000; factory rent, $32,000; factory utilities, $20,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $23,000; factory rent, $37,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $23,000; factory rent, $36,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct...
Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct...
Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The...
Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $364,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT