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 $ $ 29,000 20,000 10,000 35,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 85,000 220,000 150,000 ? Finished (unsold) $100,000 105,000 ? In process Finished (sold) Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare journal entries for the month of April's transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 13 > Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare journal entries for the month of April's transactions. View transaction list Journal entry worksheet e. Record overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet f1. Record the cost of indirect materials used. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet f2. Record the cost of factory utilities paid in cash. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet f4. Record the cost of factory rent, paid in cash. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet i. Record the revenue from the cash sale of Job 306. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Journal entry worksheet j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Dates: Mar 31 to: Apr 30 Job 306 Job 307 Job 308 April Total Beginning Work in Process (March costs) Direct materials $ $ Direct labor Applied overhead Total Beginning Work in Process inventory 29,000 20,000 10,000 59,000 35,000 18,000 9,000 62,000 $ 121,000 $ Costs added in April Direct materials Direct labor Applied overhead Total costs added in April 135,000 $ 85,000 220,000 150,000 100,000 105,000 455,000 340,000 0 220,000 370,000 205,000 $ 795,000 Total cost of jobs At the end of April, indicate which account should include each job's costs. Trial Balance Cost of Goods Mfg > Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Marcelino Company for the month of April. Dates: Mar 31 to: Apr 30 MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Marcelino Company for the month of April. Dates: Mar 31 to: Apr 30 0 0 Gross profit Cost of Goods Mfg Gross Profit >
