Marcelino Co's March 31 Inventory of raw materials is $85.000. Raw materials purchases in April are $510,000 and factory payroll cost in April is $382,000. Overhead costs incurred in April are: Indirect materials, $53,000; Indirect labor, $26,000; factory rent, $39,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow Job 306 306 307 Job 308 $ 31,000 24,000 12,000 $ 37,000 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 30 132,000 102,000 $185,00 220,000 154,000 ? Finished (unsold) Finished (sold) 100,000 ? 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). Job 306 Job 307 Job JOB April Total $ $ 31000 24,000 12,000 37 000 18,000 0.000 $ 68,000 42,000 21,000 0 $ From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 132 000 102 000 220000 154,000 105,000 100,000 457.000 356,000 0 234.000 374 000 205,000 813,000 Total costs (April 30) $ 0 Finished (sold) Status on April 30 Apnl 30 cost included in Finished (unsold) In process 1 Record the entry for Materials purchases (on credit). 2 Record the direct materials used in production. 3 Record the Direct labor paid and assigned to Work in Process Inventory. 4 Record the indirect labor paid and assigned to Factory Overhead. 5 Record the entry for Overhead costs applied to Work in Process Inventory. 6 Record the cost of indirect materials used. 7 Record the cost of factory utilities, paid in cash. 8 Record depreciation on factory equipment. 9 Record the cost of factory rene, paid in cash. 10 Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 Record the Cost of goods sold for Job 306. 12 Record the revenue from the sale of Job 306. 13 Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured Compute gross profit for April. Gross profit Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories