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Saved Help Save & Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are indirect materials, 558,000 indirect labor. $29,000. factory rent, $30,000; factory utilities, $22,000, and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 Balances on March Direct materials Direct labor Applied overhead Costs during $ 29,000 22,000 $ 41,000 16,000 11,000 8,000 April 215,000 153,000 $105,000 101,000 Direct 136,000 materials Direct labor 1 01,000 Applied overhead Status on April Finished (sold) Finished (unsold) In 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 29.000 41.000 16.000 22.000 11,000 62,000 $ 70,000 38,000 19,000 $ 127.000 8.000 65.000 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 Total costs (April 30) Status on April 30 April 30 cost included in 136,000 101,000 215,000 153.000 105,000 101,000 456,000 355.000 237,000 811,000 Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process Inventory work A Saved overhead Status on April Finished 30 (sold) Finished (unsold) process Problem 15-1A Part 2 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 Grace CARA