Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following Information applies to the questions displayed below Marcellno Co's March 31 Inventory of raw materials Is $83,000. Raw materlals purchases In April are $570,000, and factory payroll cost In April is $382,000. Overhead costs Incurred In April are: Indirect materlals, $58,000, Indirect labor, $21,000; factory rent, $34,000, factory utllities, $23,000; and factory equipment depreclation, $57,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 Is sold for $675,000 cash in April. Costs of the three Jobs worked on In April follovw. Job 386 Job 387 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $32,88e $37,809 17,eee 8,see 22,8e0 11,880 Costs during April 138, eee 182,80 Direct materials Direct labor Applied overhead Status on April 3e 215,880 155, 80e $110,eee 184,880 Finished (sold) Finished (unsold) In process Problem 15-1A Part 1 Requlrec 1. Determine the total of each production cost Incurred for April (direct labor, direct materlals, and applied overhead), and the total cost assigned to each Job (Including the balances from March 31). Requlrec 1. Determine the total of each production cost Incurred for April (direct labor, direct materlals, and applled overhead), and the total cost assigned to each job (Including the balances from March 31). Job 306 Job 307 Job 308 April Total From March 32,000 22,000 11,000 Direct Materials Direct Labor Applied overhead 37,000 17,000 8,500 5 69,000 39,000 19,500 Beginning goods in process For April Direct Materials 138,000 215,000 110,000 463,000 Direct Labor 102,000 155,000 104,000 361,000 Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: Finished (sold) Finished (unsold) In process a. Materlals purchases (on credit). b. Direct materlals used In production. c. Direct labor pald and assigned to Work In Process Inventory. d. Indlrect labor pald 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 pald In cash.) 9. 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 overappled 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 transaction list Journal entry worksheet Record the entry for Materials purchases (on credit) Note: Enter debits before credits Required information Journal entry worksheet 13 Record the entry for Materials purchases (on credit). Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal Applied overhead ished Finished In process Status on April 38 (sold) (unsold) Problem 15-1A 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 Total cost of work in process Cost of goods manufactured Problem 15-1A Part 4 4.1 Compute gross profit for April. Gross Profit 4.2 Show how to present the Inventories on the April 30 balance sheet Inventories Raw materials Work in process Finished goods Tatal inventnries