Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April...
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Accounting
Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $27,000; factory rent, $40,000; factory utilities, $23,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. -a. Compute gross profit for April. b. Show how to present the Inventories on the April 30 balance sheet. Show how to present the inventories on the April 30 balance sheet. Compute gross profit for April
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