Prepare a schedule of cost of goods manufactured.
Compute gross profit for April.
Show how to present the inventories on the April 30 balance sheet.
Marcelino Cos March 21 Inventory of raw materials is $8000, Raw materials purchases in Apriliare $500,000, and factory peyrol cost in April $384,000. Overhead costs incurred in Apriliare Indirect materials, $58,000 indirect boc $26.000 factory rent, $39,000; factory sties, $25.000, and factory equipment depreciation $56,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $660,000 cash in Agri Costs of the tree jobs worked on in April follow 24,00 13,00 Balances are material Direct laber Applied overhead corta during April Dieet materials binet labe Applied over sta on April 30 10,000 14.000 1.000 315,000 154,000 132.00 100,000 1110, 114,000 TO a. Materials purchases (on credo 1. Direct materials used in production c. Direct labor paid and assigned to work in process invertory d. Indirect labor paid and assigned to Factory Overhead Overhead costs applied to Work in Process Twentory Actual overhead costs incurred including indirect materials Factory rest and its repeld in canh Transfer of Jobs 306 and 307 to Finished Goosentory Cost of goods sold for Job 306 L Revenue from the sale of 30 306 Assignment of any underapplied or overople overhead to the cost of Good Sold account. (The amount is not maten 2. Prepare yournal entries for the month of April to record the above transaction. View of Journal entry worksheet Record the watersport Required information (The following information applies to the questions displayed below! Marcelino Co.'s March 31 Inventory of raw materials is $81.000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $384,000. Overhead costs incurred in Aprilare: indirect materials, $58,000. Indirect labor, $26,000 factory rent. $39.000 factory Utilities. $25.000. and factory equipment depreciation, $56.000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the three jobs worked on in April follow Job 206 Job 302 Job 38 $ 27,000 24,000 12,000 $ 45,000 14.000 2.000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direet. Isabor Applied overhead Status on April 30 132,000 100,000 215,000 154.000 5110,000 104.000 Tinished hold) Finished unsold) In prodess 3. Prepare a schedule of cost of goods manufactured, MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 0 Total manufacturing costs 0 Total cost of work in process 0 Coat of goods muutactured Marcelino Co's March 31 Inventory of raw materials is $81,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $58,000; Indirect labor $25,000 factory rent, $39,000; factory utilities, $25,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $660,000 cash in April Costs of the three jobs worked on in April follow Job 396 Job 302 Job 300 $ 27,000 24,000 12,000 $ 43,000 14,000 7,000 Balances on March 31 Direet materials Direet labor Applied overhead costs doring April Direct materials Direct labor Applied overhead Status on April 30 132,000 100,000 ? Tinished (sold) 215,000 154,000 2 PB Sed unsold) $110,000 104,000 7 In process int a rences 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 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. L Revenue from the sale of Job 306 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 transactions Journal entry worksheet 13 Record the entry for Materials purchases (on credit). Note: Enter det fore credits Transaction General Journal Debi Credit Raw may Accounts payat
