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 $83,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $374,000. Overhead costs incurred in April are: indirect materials, $57,000; Indirect labor, $20,000; factory rent, $31,000; factory utilities, $19,000; and factory equipment depreciation. $55,000. 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 306 Job 307 Job 308 $ 29,000 22,000 11,000 $ 36,000 15,000 7,500 Balances on March 31 Direct materiala Direct labor Applied overhead Coots during April Direct materials Direct labor Applied overhead Status on April 30 136,000 102,000 205,000 150,000 $115,000 102,000 2 In proced Finished (old) Finished (unsold) Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the tota assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ $ 36,000 29,000 22,000 11,000 15,000 7,500 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 $ 65,000 37,000 18,500 $ 0 136,000 102,000 205,000 150,000 115,000 102,000 456,000 354,000 0 810,000 238,000 355,000 217.000 $ 0 Total costs (April 30) 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 View transaction list of 4 Journal entry worksheet ook Record the entry for Materials purchases (on credit). rint Note: Enter debits before credits rences Transaction Credit General Journal Raw materials inventory Accounts payable Debit 510,000 510,000 Record entry Clear entry View general Journal Saved ECMUS IULIUL CHICSIVELLI MILLIELUI MIC UVC uurau Required Information View transactioNTIST X Record the entry for Materials purchases (on credit). 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. Note: journal entry has been entered View Record entry Clear entry 2 4 or