- record entry for materials purchased on credit -record direct materials used in production -record the direct labor paid and assignment to work in process inventory - record the indirect labor paid and assigned to factory overhead -record the entry for overhead cost applied to work in process inventory -record the cost of indirect materials used -record the cost or factory utilities, paid in cash -record depreciation on factory equipment -record the cost or factory rent, paid in cash -record the entry for transfer of jobs 306 and 307 to finished goods inventory - record the cost of good sold for job 306 -record the revenue from the sales of job 306 -record the entry for assignment of any underapplied or overlapped overhead to the cost of good sold

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.) Marcelino Co.'s March 31 Inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: Indirect materials, $50,000; Indirect labor, $23,000; factory rent, $32,000; factory utilitles, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash In April. Costs of the three Jobs worked on in April follow. Job 396 Job BOZ Job 398 $ 29,909 20,000 18,000 $ 35,000 18, 090 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 220,000 158, 029 135,000 85,990 2 Finished (sold) $190,000 105,990 2 In process Finished (unsoid) Status on April 30 Requlred: 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). Job 306 Job 307 Job 308 April Total From March Direct Materials 3 29.000 S 35.000 S 84.000 Direct Labor 20.000 18.000 38.000 Applied overhead 10.000 9.000 19.000 $ O Beginning goods in process For April 135 000 Direct Materials 100 000 220 000 455.000 85.000 150.000 105 000 Direct Labor 340.000 Q Applied overhead 220.000 70.000 205,000 796.000 Total costs added in April S Total costs (April 30) Status on April 30 Finished (sod) Finished Cuneo acess April 30 cost included in: a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor pald and assigned to Work In Process Inventory. d. Indirect labor pald 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.) 2. Prepare journal entries for the month of April to record the above transactions