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Marcelino Co . ' s March 3 1 inventory of raw materials is $ 8 6 , 0 0 0 . Raw materials purchases in
Marcelino Cos March inventory of raw materials is $ Raw materials purchases in April are $ and factory payroll cost in April is $ Overhead costs incurred in April are: indirect materials, $; indirect labor, $; factory rent, $; factory utilities, $; and factory equipment depreciation, $ The predetermined overhead rate is of direct labor cost. Job is sold for $ cash in April. Costs of the three jobs worked on in April follow.
Job Job Job
Balances on March
Direct materials $ $
Direct labor
Applied overhead
Costs during April
Direct materials $
Direct labor
Applied overhead
Status on April Finished sold Finished unsold In process
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 and to Finished Goods Inventory.
Cost of goods sold for Job
Revenue from the sale of Job
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. Journal entry worksheet
Record the entry for Materials purchases on credit
Note: Enter debits before credits.
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