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Did I do the schedule for costs of goods manufactured correctly? Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in
Did I do the schedule for costs of goods manufactured correctly?
Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $29,000; factory rent, $34,000; factory utilities, $20,000; and factory equipment depreciation, $52,000 The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 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 Direct labor Applied overhead $26,000 43,000 14,000 7,000 21,000 10,500 Costs during April Direct materials Direct labor Applied overhead 138,000 103,000 210,000 110,000 104,000 151,000 Finished (sold) Finished (unsold process Status on April 30 3. Prepare a schedule of cost of goods manufactured MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 $458,000 358,000 179,000 995,000 121,500 1,116,500 266,000 $850,500 rect materials used Direct labor used actory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process ess: Work in process April 30 Cost of goods manufactured Job 306 Job 307 Job 308 April Total From March Direct Materials Direct Labor Applied overhead 26,000 21,000 10,500 57,500 43,000 14,000 7,000 64,000 $ 69,000 35,000 17,500 $ 121,500 Beginning goods in process For April 0 210,000 151,000 75,500 436,500 500,500 110,000 104,000 52,000 266,000 266,000 Direct Materials 138,000 103,000 51,500 292,500 350,000 458,000 358,000 179,000 995,000 Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: 1,116,500 Finished (sold) Finished (unsold) In process Cost of goods sold Finished goods inventory Work in process inventoryStep by Step Solution
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