Homework Help Save & El Sub Check my work Required information [The following information applies to the questions displayed below) Marcelino Co.'s March 31 Inventory of raw materials is $83,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in Aprilare: indirect materials, $56,000, indirect labor. $24,000: factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $55,000. 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 $ 27,000 24,000 12,000 $ 44,000 14,000 7,000 Balances on March 31 Direct materials Direct labor Applied overhead Coata during April Direet materials Direct labor Applied overhead Status on April 30 135,000 103,000 2 Finished (sold) 205,000 155,000 7 Finished (unsold) $110,000 102,000 ? in process 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). 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 300 Job 307 Job 308 Apr Tob $ $ $ 27,000 24,000 12,000 44,000 14,000 7,000 71.000 38,000 18.000 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 Total costs (April 30) 135,000 103,000 205,000 155,000 110,000 102,000 450,000 360,000 238,000 360,000 212.000 810,000 $ Finished (sold) Finished (unsold) In process Status on April 30 April 30 cost included in Marcelino Co.'s March 31 Inventory of raw materials is $83,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: Indirect materials, $56.000, Indirect labor, $24,000 factory rent. $31,000; factory utilities, $22,000, and factory equipment depreciation, $55,000. 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 $ 27,000 $ 44,000 Direct labor 24,000 14,000 Applied overhead 12,000 7.000 Costa during April Direct materials 135,000 205,000 $110,000 Direct labor 103,000 155,000 102,000 Applied overhead Finished Pinished In Status on April 30 (sold) (unsold) proces 2 a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. 3. Indirect labor paid and assigned to Factory Overhead. 2. 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.) Required information Journal entry worksheet 3 4 2 5 6 7 8 13 Record the entry for Materials purchases (on credit). Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal work Saved Help Save a Chec Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: Indirect materials, $56,000, Indirect labor, $24,000 factory rent, $31,000; factory utilities, $22,000, and factory equipment depreciation, $55,000. 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 $ 27,000 $ 44,000 24.000 14,000 Applied overhead 12,000 7.000 Costs during April Direct materials 135,000 205,000 $110.000 Direct labor 103,000 155,000 Applied overhead Pinished Status on April 30 Pinished (sold) (unsold) Direct labor 102,000 ? In process Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Cadette 135,000 103,000 205,000 155,000 Direct labor Applied overhead Status on April 30 $110,000 102,000 7 In proceae Part 3 of 4 Finished (sold) Finished (unsold) 12.5 Doints 3. Prepare a schedule of cost of goods manufactured. eBook MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Print References Total manufacturing costs Total cost of work in process Cost of goods manufactured Required information [The following Information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $24,000 factory rent. $31.000; factory utilities, $22.000; and factory equipment depreciation, $55,000. 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 Costa during April Direct materials Direct labor Applied overhead Status on April 30 $ 27,000 24,000 12.000 135,000 103,000 $ 44,000 14,000 7,000 205,000 155,000 2 Finished (unsold) $110,000 102,000 2 In process Finished (sold) 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. Status on April 30 Finished (Hold) Finished (unsold) In proceae 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 4B Compute gross profit for April. Gross profit Required 48 > Um the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total Inventories