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 3e6 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 $100,000 1es.ee Finished (sold) Finished (unsold) In process a. Record the purchase of materials (on credit). Note: Enter debits before credits. Account Title Debit Credit Date Apr 30 c. Record direct labor paid and assigned to Work in Process Inventory. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 d. Record indirect labor paid and assigned to Factory Overhead. Note: Enter debits before credits. Account Title Debit Credit Date Apr 30 e. Record overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Account Title . . Debit Credit Date Apr 30 f1. Record the cost of indirect materials used. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 F f2. Record the cost of factory utilities paid in cash. Note: Enter debits before credits. Account Title Debit Credit Date Apr 30 f3. Record the depreciation on factory equipment. Note: Enter debits before credits. Debit Credit Date Apr 30 Account Title ES S f4. Record the cost of factory rent, paid in cash. Note: Enter debits before credits. Account Title Debit Credit Date Apr 30 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 h. Record the cost of goods sold for Job 306. Note: Enter debits before credits. Account Title Debit Credit Date Apr 30 i. Record the revenue from the cash sale of Job 306. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 C 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 General Ledger Account Cash Accounts receivable, net No. Debit Credit No. Debit Credit Date Mar 31 Balance 450,000 Date Mar 31 Balance 180,000 Raw materials inventory Debit Credit Work in process inventory Debit Credit No. No. Date Mar 31 Balance 80,000 Date Mar 31 Balance 121,000 Factory Equipment No. Debit Credit No. Date Mar 31 Balance 510,000 Accumulated depreciation - Factory equipment Date Debit Credit Balance Mar 31 153,000 Accounts payable Common stock, S5 par value No Date Debit Credit Debit Balance 45.000 Date Mar 31 Credit Mar 31 Balance 250,000 No. Paid in capital in excess of par - Common Date Debit Credit Balance Mar 31 150.000 Retained earnings Debit Credit Date Mar 31 Balance 743,000 Marcelino Company Trial Balance April 30, 2019 Credit Debit 450,000 180,000 80 000 121.000 510,000 Account Title -Cash Accounts receivable, net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 153,000 45,000 250.000 150.000 743.000 .341.000 1.341,000 5 1 to: A Dates: Mar 31 Job 308 April Total Job 306 Job 307 $ Beginning Work in Process (March costs) Direct materials Direct labore 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 $ 135,000 85,000 Costs added in April Direct materials Direct labor Applied overhead Total costs added in April 100,000 105,000 220,000 150,000 455,000 340,000 Total cost of jobs At the end of April, indicate which account should include each job's costs 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 Dates: Mar 31 to: Apr 30 Gross profit
