Please answer 3, 4, & 5.
o PROBLEM SET A Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. 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 19-1A Production costs computed and recorded; reports prepared C2 P1 P2 P3 P4 Job 306 SSS Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 A homeworkforyou.com Balances on March 31 Direct materials Direct labor Applied overhead. Costs during April Direct materials. Direct labor... Applied overhead. Status on April 30 135,000 85,000 220,000 150.000 $100,000 105,000 ? ? ? Finished (unsoid) Prished isola in process 8:46 Marcelino Co Schedule of Cost of Goods Manufactured Month Ended April 30, 20xx Direct Materials Raw Materials Inventory, 3/31 Purchases Materials Available Less Raw Materials Inventory 4/30 Direct Materials Direct Labor Factory Overhead Manufacturing Costs Add Work in Process Inventory 3/31 Cost of Work in Process Less Work in Process Inventory 4/30 Cost of Goods Manufactured Part 4 Sales Cost of Goods Sold Gross Profit Part 5 8:47 ... A homeworkforyou.com process 105,000 100,000 ob 308 ow. ct labor cost. Job 306 Production costs in April are: indirect purchases in April are $19,000; and factory Problem 19-1A C2 P1 P2 P3 P4 reports prepared computed and recorded; PROBLEM SET A 830 Chapter 19 Job Order Costing Required 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and ap- plied overhead), and the total cost assigned to each job (including the balances from March 31). 2. Prepare journal entries for the month of April to record the following. 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.) 3. Prepare a schedule of cost of goods manufactured. 4. Compute gross profit for April. Show how to present the inventories on the April 30 balance sheet. eck (21) $5,000 perapplied (3) Cost of goods nufactured, $828,500 Analysis Component 5. The over- or underapplied overhead is closed to Cost of Goods Sold. Discuss how this adjustment impacts business decision making regarding individual jobs or batches of jobs
