Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone please help fill in the charts? Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The

can someone please help fill in the charts? image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Problem 02-1A 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 $85,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $27,000; factory rent, $36,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 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 $ 26,000 $ 40,000 Direct labor 25,000 14,000 Applied overhead 12,500 7,000 Costs during April Direct materials 134,000 210,000 $105,000 Direct labor 102,000 151,000 104,000 Applied overhead ? Finished Status on April 30 Finished In (sold) (unsold) process ? ? Problem 02-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ $ $ 26,000 25,000 12,500 63,500 40,000 14,000 7,000 61,000 66,000 39,000 19,500 124,500 $ $ $ 0 $ 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 134,000 102,000 210,000 151,000 105,000 104,000 449,000 357,000 0 236,000 361,000 209,000 806,000 Total costs (April 30) $ 0 Status on April 30 April 30 cost included in: Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory www Journal entry worksheet Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction Debit Credit a General Journal Raw materials inventory Accounts payable Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

QS 9000 Handbook A Guide To Registration And Audit

Authors: Jayanta Bandyopadhyay

1st Edition

157444011X, 978-1574440119

More Books

Students also viewed these Accounting questions