Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

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 Balances on March 31 Direct materials $ 29,000 $ 35,000 Direct labor 20,000 18,000 Applied overhead 10,000 9,000 Costs during April Direct materials 135,000 220,000 $ 100,000 Direct labor 85,000 150,000 105,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process 3. Prepare a schedule of cost of goods manufactured.

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

More Books

Students also viewed these Accounting questions

Question

Find the derivative of y= cos cos (x + 2x)

Answered: 1 week ago

Question

Make efficient use of your practice time?

Answered: 1 week ago