Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $386,000.

Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. 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

$

29,000

$

44,000

Direct labor

23,000

14,000

Applied overhead

11,500

7,000

Costs during April

Direct materials

136,000

205,000

$

110,000

Direct labor

101,000

153,000

103,000

Applied overhead

?

?

?

Status on April 30

Finished (sold)

Finished (unsold)

In process

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).

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

4th Edition

0730382648, 978-0730382645

More Books

Students also viewed these Accounting questions

Question

2. Define communication.

Answered: 1 week ago

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

e. What do you know about your ethnic background?

Answered: 1 week ago