60.1K

Verified Solution

Link Copied!

Required Information [The following information applies to the questions displayed Delow.] Marco Company shows the following costs for three jobs worked on in April Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $570,000, and total factory payroll cost in April is $376,000. c. Actual overhead costs incurred in April are indirect materials, $59,000; indirect labor, $22,000; factory rent, $37,000; factory utilities, $24,000; and factory equipment depreciation, $61,000, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $665,000 cash in April. o. Materials purchases (on credit). b. Direct materlals used. c. Direct labor used (and pald in cash) and assigned to Work in Process Inventory. d. Indirect matenals used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods inventory. 1. Cost of goods sold for Job 306. ]. Revenue from the sale of Job 306 recelved in cash. k. Close underapplled or overappiled overhead to the Cost of Goods Sold account

Answer & Explanation Solved by verified expert

See Answer