Final answer:
Without the overhead rate and additional financial data, we cannot accurately calculate the overhead applied or complete the other required tasks. A similar calculation shows that a firm with sales of $1 million and costs of $950,000 would have an accounting profit of $50,000.
Step-by-step explanation:
The question primarily pertains to cost accounting in a manufacturing setup. The student needs to determine the amount of overhead applied to each job, total job costs including balances from March, schedule of cost of goods manufactured, compute gross profit, and present the inventory accounts on the balance sheet. However, we lack the overhead rate needed to calculate the overhead applied in April and data for the sales, beginning inventory, and ending inventory needed for calculating the gross profit and inventory reporting on the balance sheet. Therefore, a complete calculation is not feasible with the provided information. We can use the self-check questions reference to solve a similar problem:
For a firm that had sales revenue of $1 million, spent $600,000 on labor, $150,000 on capital, and $200,000 on materials, the accounting profit can be calculated as follows:
Accounting profit = Sales revenue - (Labor costs + Capital costs + Materials costs)
= $1,000,000 - ($600,000 + $150,000 + $200,000)
= $1,000,000 - $950,000
= $50,000
This calculation indicates that the firm's accounting profit was $50,000 for the year.