Business, 07.03.2020 05:07, Kadyn5

Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $20,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. 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
Balance on March 31
Direct materials $27,000 $41,000
Direct labor 24,000 15,000
Applied overhead 12,000 7,500
Cost during April
Direct materials 137,000 205,000 $115,000
Direct labor 101,000 152,000 105,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In Process
4.1 Compute gross profit for April.

Gross Profit $285,500
2. Show how to present the inventories on the April 30 balance sheet.

Inventories
Raw materials $
Work in process 272,500
Finished goods 496,500
Total inventories $1,349,000

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 20:00, Cklug2520

If a government accumulates chronic budget deficits over time, what's one possible result? a. a collective action problem b. a debt crisis c. regulatory capture d. an unfunded liability

Answers: 2

continue

Business, 22.06.2019 21:40, andyboehm7411

The following items could appear on a bank reconciliation: a. outstanding checks, $670. b. deposits in transit, $1,500. c. nsf check from customer, no. 548, for $175. d. bank collection of note receivable of $800, and interest of $80. e. interest earned on bank balance, $20. f. service charge, $10. g. the business credited cash for $200. the correct amount was $2,000. h. the bank incorrectly decreased the business's by $350 for a check written by another business. classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.

Answers: 1

continue

Business, 22.06.2019 22:30, xxcecccc

Rahm's credit card issuer calculates interest based on the outstanding balance at the end of the last billing period. what is this method of calculating interest on a credit card called?

Answers: 2

continue

Business, 23.06.2019 01:30, stranger123

At the end of the fiscal year, apha airlines has an outstanding non-cancellable purchase commitment for the purchase of 1 million gallons of jet fuel at a price of $4.10 per gallon for delivery during the coming summer. the company prices its inventory at the lower of cost or market. if the market price for jet fuel at the end of the year is $4.50, how would this situation be reflected in the annual financial statements?

Answers: 2

continue

Do you know the correct answer?

Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are...