Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $391,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $40,000; factory utilities, $21,000; and factory equipment depreciation, $58,000. 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.

Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $391,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $40,000; factory utilities, $21,000; and factory equipment depreciation, $58,000. 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 $ 25,000 23,000 11,500 $ 42,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 205,000 155,000 132,000 103,000 ? Finished (sold) $115,000 104,000 ? In process Status on April 30 Finished (unsold) 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). Answer is complete and correct. Job 306 Job 307 Job 308 April Total From March Direct Materials $ $ $ Direct Labor 25,000 23,000 11,500 59,500 42,000 18,000 9,000 69,000 67,000 41,000 20,500 128,500 Applied overhead $ $ $ 0 $ Beginning goods in process For April Direct Materials 132,000 205,000 452,000 115,000 104,000 Direct Labor 103,000 155,000 362,000 Applied overhead 51,500 77,500 52,000 271,000 181,000 995,000 Total costs added in April 286,500 437,500 Total costs (April 30) $ 346,000 $ 506,500 $ 271,000 $ 1,123,500 Finished (sold) In process Status on April 30 April 30 cost included in: Finished (unsold) Finished goods inventory Cost of goods sold Work in process inventory 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 View journal entry worksheet No Transaction General Journal Debit Credit 1 a. 580,000 Raw materials inventory Accounts payable 580,000 2 b. 452.000 Work in process inventory Raw materials inventory 452,000 3 c. Factory overhead Cash 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 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Problem 15-1A Part 4 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 Compute gross profit for April. Gross profit 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