Winfrey Co.’s March 31 inventory of raw materials is $150,000. Raw materials purchases in April are $400,000, and factory payroll cost in April is $220,000. Overhead costs incurred in April are: indirect materials, $30,000; indirect labor, $14,000; factory rent, $20,000; factory utilities, $12,000; and factory equipment depreciation, $30,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $380,000 cash in April. Costs of the three jobs worked on in April follow.
|
Job 306 |
Job 307 |
Job 308 |
|
| Balances on March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
| Direct materials |
|
$ |
14,000 |
|
|
$ |
18,000 |
|
|
|
|
|
| Direct labor |
|
|
18,000 |
|
|
|
16,000 |
|
|
|
|
|
| Applied overhead |
|
|
9,000 |
|
|
|
8,000 |
|
|
|
|
|
| Costs during April |
|
|
|
|
|
|
|
|
|
|
|
|
| Direct materials |
|
|
100,000 |
|
|
|
170,000 |
|
|
$ |
80,000 |
|
| Direct labor |
|
|
30,000 |
|
|
|
56,000 |
|
|
|
120,000 |
|
| Applied overhead |
|
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Status on April 30 |
Finished (sold) |
Finished (unsold) |
|
In process |
|
I need help findings this :
|
Compute gross profit for April.(Omit the “$” sign in your response.)
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| 4.2 |
Show how to present the inventories on the April 30 balance sheet.(Omit the “$” sign in your response.)
|
| Inventories |
| Raw materials |
$ |
| Goods in process (Job 308) |
|
| Finished goods (Job 307) |
|
|
|
| Total inventories |
$ |
|
|
|
