Phones, Precachapter 15 tml my math lab t Connect account ( MyLab Accounting sou

Question

Phones, Precachapter 15 tml my math lab t Connect account ( MyLab Accounting soup-Course H. > Spectrum net Bilang n Account switch erA Apartmen Required information The following information applies to the questions displayed below] Marcelino Co's March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000: factory utilities, $19,000 and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for S635.000 cash in April. Costs of the three joos worked on in April follow Balane@on Mare31 Direat nateriala29,00 35,000 Appiied overhead Direct materials Applied overhead Status on April 30 inished 18,000 ,000 10,000 Costs during April 135,000 220,000 $100,000 5,000150,000 105,000 (unsold) PrOCSs 41 Compute gross profit for April Gross Proft Pree 15 of 15 Next G Search or type URL 8 2

Explanation / Answer

Total cost of job 306 = 29000+20000+10000+135000+85000+(85000*50%)= $321500 Actual factory overhead = 50000+23000+32000+19000+51000= $175000 Factory overhead applied = (85000+150000+105000)*50%= $170000 Underapplied factory overhead = 175000-170000 = $5000 Adjusted cost of goods sold = 321500+5000 = $326500 4.1 Gross Profit = Sales-Adjusted cost of goods sold = 635000-326500= $308500

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