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Please help me, I completed some of the problem but need help where the X's are. Also the other parts if you could help too
Please help me, I completed some of the problem but need help where the X's are. Also the other parts if you could help too thanks. Will upvote
! Required information Problem 02-1A 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 $86,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $29,000; factory rent, $31,000; 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 $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 27,000 21,000 10,500 $ 41,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 133,000 105,000 $105,000 102,000 ? 210,000 150,000 ? Finished (unsold) ? In Finished (sold) process Required information 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). X Answer is complete but not entirely correct. Job 306 Job 307 Job 308 April Total From March Direct Materials $ 27,000 $ $ 68,000 21,000 41,000 15,000 7,500 36,000 18,000 Direct Labor Applied overhead Beginning goods in process For April Direct Materials 10,500 58,500 $ $ 63,500 $ 0 $ 122,000 133,000 210,000 105,000 448,000 Direct Labor 105,000 102,000 50,000 X 150,000 75,000 435,000 Applied overhead Total costs added in April 9,900 X 357,000 134,900 939,900 288,000 216,900 Total costs (April 30) $ 339,000 X $ 498,500 $ 259,500 X $ 1,097,000 Status on April 30 April 30 cost included in Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory Problem 02-1A Part 3 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 Required 4A Required 4B Compute gross profit for April. Gross profit Required 4A Required 4B Show how to present the inventories Inventories Raw materials Work in process Finished goods Total inventories $ 0Step by Step Solution
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