1.
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below. ] Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 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 $ 31,000 $ 44,000 Direct labor 21,000 16,000 Applied overhead 10,500 8,000 Costs during April Direct materials 134,000 200,000 $105,000 Direct labor 161,666 154,000 161, 666 Applied overhead ? 7 7 Finished Finished In Status on April 30 (sold) (unsold) process From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: $ 31.000 21.000 Finished (sold) Cost of goods sold 0 Finished goods inventory a Work in process Inventory $ 44 000 16 000 $ 68,000 9 354 000 Finished (unsold) $ ' a 75,000 37,000 18,500 130,500 439,000 356,000 795,000 Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [ The following information applies to the questions displayed below. ] Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $21,000; and factory equipment depreciation. $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 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 $ 31,000 $ 44,000 Direct labor 21,000 16,000 Applied overhead 10,500 8,000 Costs during April Direct materials 134,000 200,000 $105,000 Direct labor 101,000 154,000 101,000 Applied overhead ? ? ? . Finished Finished In Status on April 30 (sold) (unsold) process Problem 15-1A Part 2 a. b. d. h. i. 2. View transaction list View journal entry worksheet Materials purchases (on credit). Direct materials used in production. . Direct labor paid and assigned to Work in Process Inventory. Indirect labor paid and assigned to Factory Overhead. Overhead costs applied to Work in Process Inventory. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) Transfer of Jobs 306 and 307 to Finished Goods Inventory. Cost of goods sold for Job 306. Revenue from the sale of Job 306. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) Prepare journal entries for the month of April to record the above transactions. Raw materials inventory Accounts payable Required information Problem 15-1A Production costs computed and recorded; reports prepared L0 P1, P2, P3, P4 [ The following information applies to the questions displayed below. ] Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Job 366 Job 367 Job 368 Balances on March 31 Direct materials $ 31,666 $ 44,666 Direct labor 21,666 16,666 Applied overhead 16,566 8,666 Costs during April Direct materials 134,666 266,666 $165,666 Direct labor 161,666 154,666 161,666 Applied overhead 7 7 7 Finished Finished In Status on April 36 (sold) (unsold) process 3. Prepare a schedule of cost of goods manufactured. Total manufacturing costs = Total cost of work' In process == Cost of goods manufactured = Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $38,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 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 is 31,000 $ 44,000 Direct labor 21,000 16,000 Applied overhead 10,500 8,000 Costs during April Direct materials 134,000 200,000 $105,000 Direct labor 101,000 154,000 101,000 Applied overhead 7 7 7 Finished Finished In Status on April 335 (sold) (unsold) process 4-a. Compute gross profit for April. 44:. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers In the tabs below. Required 4A Required 43 Compute gross prot for April. Gross prot _ Required AB > 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers In the tabs below. Required 4A Required 43 Raw materials Work in process Finished goods Total inventories
