Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 28,000 23,000 11,500 $ 39,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 140,000 101,000 220,000 154,000 $105,000 104,000 In Finished (sold) Finished (unsold) process Required: 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 308 April Total From March Direct Materials Direct Labor 39,000 16,000 28,000 23,000 11,500 62,500 $ 67,000 39,000 19,500 $ 125,500 8,000 63,000 Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 140,000 101,000 220,000 154,000 105,000 104,000 465,000 359,000 241,000 374,000 209,000 824,000 Total costs (April 30) Status on April 30 Finished (sold) Finished (unsold) In process a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. i. Revenue from the sale of Job 306. j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... 13 Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction General Journal Debit Credit Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 28,000 23,000 11,500 $ 39,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 140,000 101,000 220,000 154,000 $105,000 104,000 Status on April 30 Finished (sold) Finished (unsold) In process 3. Prepare a schedule of cost of goods manufactured. 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 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories