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! in April is $384,000. Over 523,000; and factory equ85.000 cash in April Marcelino Co's March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $600.000, and factory payroll cost in April is $384.000. Overhead costs incurred in April are indirect materials, $58,000: Indirect labor, $23.000 factory rent, $40,000; factory utilities, $23,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685.000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 398 $ 28,000 24,000 12,000 $ 45,000 18.000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 103,000 210,000 153,000 $115,000 105,000 Finished (sold) Finished (unsold) In process Problem 15-1A Part 2 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 1. 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. i. Revenue from the sale of Job 306. J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material 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. f. Actual overhead costs incurred, including indirect materials. (Factory reftand utilities are paid in cash.) g. 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 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 transaction list Journal entry worksheet Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction General Journal Debit Credit h. Cost of goods sold for Job 306. I. Revenue from the sale of Job 306. J. 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 transaction list Journal entry worksheet Record the direct materials used in production. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Mer overapplied overhead to the Cost of Goods sold account. (The amount is ne 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 1 4 5 6 7 8 ..... 13 Record the Direct labor paid and assigned to Work in Process Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 7 8 ..... 13 > Record the entry for Overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet o Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal FUTUI April to record the above transactions. View transaction list She Journal entry worksheet
