Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. required information [the following information ap

Required information [The following information applies to the questions displayed below. Marcelino Co.'s March 31...

80.2K

Verified Solution

Question

Accounting

image

Required information [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 $580,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $23,000; factory rent, $35,000; factory utilities, $20,000; and factory equipment depreciation, $55,000. 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 $ 29,000 $ 36,000 20,000 16,000 10,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 220,000 $110,000 103,000 153,000 101,000 ? ? ? Finished (sold) Finished (unsold) In process 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required Required 4A 4B Compute gross profit for April. Gross profit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

A 0.120 M solution of an enantiomerically pure chiral compound D has an observed rotation of...

Psychology
1.2K views

What seven items must a wire-tap application include? In detail, describe why each item is necessary.

Physics
1.2K views

A motorcycle is following a car that is traveling at constant speed on a straight highway....

General Management
1.2K views

Discuss the existing HR processes and systems, strategic goals and the effectiveness of the HR processes

Geometry
1.2K views

Question 4 Sketch the graph of the function f x 2 3 3 4 3...

Basic Math
1.2K views

10 4 points Braydon can afford to pay approximately 1400 per month on his mortgage...

Basic Math
1.2K views

Calculate the Fourier Transform in Continuous Domain CFDF of the following signs 15 f t...

Algebra
1.2K views

Rewrite the following quadratic equation to graphing form Then find the key features and sketch...

Algebra
1.2K views

1 Elena is paid a constant rate for each hour she works The table shows...

Accounting
1.2K views

Preparing a statement of cash flows using the indirect method - problem Wolff Companys income...

Accounting
1.2K views

Which one of the following is a current liability? Group of answer choices debt payable...

Accounting
1.2K views

Compute conversion costs given the following data: direct materials, $358,100; direct labor, $194,500; factory overhead,...