The 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 Additional Information Job Hawk $ 34,600 25,600 15,600 149,000 90,600 Finished (sold) Job Tiger $ 40,600 23,600 14,600 Job Bear 234,000 $ 114,000 164,000 119,000 Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job Hawk is sold for $649,000 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.
The Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job Hawk is sold for $649,000 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. Compute gross profit Wr April. Complete this question by entering your answers in the tabs below. Show how the three inventory accounts are reported on the April 30 balance sheet 
