Please answer the following questions

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 $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $26,000; factory rent, $32,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April. Costs of the three jobs worked on in April follow.

	Job 306				Job 307				Job 308
Balances on March 31
Direct materials		$	27,000			$	45,000
Direct labor			23,000				16,000
Applied overhead			11,500				8,000
Costs during April
Direct materials			137,000				205,000			$	105,000
Direct labor			102,000				152,000				103,000
Applied overhead			?				?				?
Status on April 30	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). Same data for number 2, 3 and 4

1. Materials purchases (on credit).
2. Direct materials used in production.
3. Direct labor paid and assigned to Work in Process Inventory.
4. Indirect labor paid and assigned to Factory Overhead.
5. Overhead costs applied to Work in Process Inventory.
6. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)
7. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
8. Cost of goods sold for Job 306.
9. Revenue from the sale of Job 306.
10. 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.

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 the cost of factory utilities, paid in cash.

9) Record the cost of factory rent, 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.

Options for the General Journal

• Accounts payable
• Accumulated depreciation-factory equipment
• Cash
• Cost of goods sold
• Depreciation expense
• Factory overhead
• Finished goods inventory
• Raw materials inventory
• Rent expense
• Sales
• Utilities expense
• Work in process inventory

Options for the left column

• Actual factory overhead
• Depreciation of equipment
• Direct labor used
• Direct materials used
• Factory overhead applied
• Factory rent
• Factory utilities
• Indirect labor
• Indirect materials

Options for Process, Cost and Gold

• Add: Work in process April 30
• Add: Work in process March 31
• Add: Overapplied overhead
• Less: Work in process April 30
• Less: Work in process March 31
• Less: Underapplied overhead

Journal entry worksheet 1 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 a. 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 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