Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Attached here is the problem I am stuck on. I also have the journal entry that I need help completing. Please help. 1. a. Record
Attached here is the problem I am stuck on. I also have the journal entry that I need help completing. Please help.
1. a. Record the purchase of materials (on credit). 2. b. Record direct materials used in production. 3. c. Record direct labor paid and assigned to Work in Process Inventory. 4. d. Record indirect labor paid and assigned to Factory Overhead. 5. e. Record overhead costs applied to Work in Process Inventory. 6. f1. Record the cost of indirect materials used. 7. f2. Record the cost of factory utilities paid in cash. 8. f3. Record the depreciation on factory equipment. 9. f4. Record the cost of factory rent, paid in cash. 10. g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 11. h. Record the cost of goods sold for Job 306. 12. i. Record the revenue from the cash sale of Job 306. 13. j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 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 $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Direct materials $29,000 $35,000 Direct labor 20,000 18,000 Applied overhead 10,000 9,000 Direct materials 135,000 220,000 $100,000 Direct labor 85,000 150,000 105,000 Applied overhead 42,500 75,000 52,500 Status on April 30 Finished (sold) Finished (unsold) In process Balances on March 31 Costs during AprilStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started