Required information 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 $580,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $26,000; factory rent, $36.000; 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 $695,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 26,000 23,000 11,500 $ 39,000 19,000 9,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 210,000 132,000 103,eee ? $110,000 181,000 152,000 ? Finished (sold) Finished (unsold) In process Problem 02-1A Part 1 t1 of 4 Required: 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). nis Job 306 Job 307 Job 308 April Total eBook s $ $ 65,000 42,000 26,000 23,000 11.500 60,500 39,000 19,000 9.500 67,500 1,000 Ask $ $ $ 128,000 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 Total costs (April 30) Print 132.000 103,000 51,500 286,500 210,000 152,000 76,000 438,000 110,000 101.000 50,500 261,500 452,000 356.000 178,000 986.000 $ 1.114.000 References $ 347,000 S 505,500 $ 261,500 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 X Answer is not complete. No Transaction General Journal Debit Credit 1 a. 580,000 Raw materials inventory Accounts payable 580,000 2 b. > 452,000 Work in process inventory Raw materials inventory 452,000 3 c. Work in process inventory Cash 356,000 O 356,000 4 d. 26.000 Factory overhead Cash 26,000 5 178,000 Work in process inventory Factory overhead 178,000 O O 6 57,000 Factory overhead Raw materials inventory 57,000 7 (2) Factory overhead Cash Problem 02-1A 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 0 Total cost of work in process 0 Cost of goods manufactured $ 0 Problem 02-1A Part 4 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April. Gross profit 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B +++ Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials aces Work in process Finished goods Total inventories