Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. 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 Balances on March 31 Direct materials $ 27,000 $ 42,000 Direct labor 21,000 14,000 Applied overhead 10,500 7.000 Costs during April Direct materials 139,000 220,000 $100,000 Direct labor 103,000 154,000 101,000 Applied overhead Status on April 30 Finished Finished (sold) 2 (unsold) In process Required information 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). Job 306 Job 307 Job 308 April Total $ S From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials 27,000 21,000 10,500 58,500 42,000 14,000 7,000 63,000 $ 69,000 35,000 17,500 $ 121,500 $ $ $ 0 139.000 103,000 220,000 154,000 100,000 101,000 459,000 358,000 0 Direct Labor Applied overhead Total costs added in April 242,000 374,000 201.000 817,000 Total costs (April 30) $ 0 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 2. Prepare journal entries for the month of April to record the above transactions. x View transaction list View journal entry worksheet Transaction NO Debit General Journal Credit 1 a. 570,000 Raw materials inventory Accounts payable 570,000 2 b Work in process inventory Raw materials inventory ces 3 Work in process inventory Cash d. Factory overhead Cash 5 0. Work in process inventory Factory overhead Required information 6 Factory overhead Raw materials inventory 7 f(2). Factory overhead Cash 8 f(3). Factory overhead Accumulated depreciation-factory equipment 9 f(4). Factory overhead Cash 10 9 Finished goods inventory Work in process inventory 11 h. Cost of goods sold Finished goods inventory 12 1. Cash Sales 13 } Cost of goods sold Factory overhead 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 Direct materials used Direct labor used O Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process Less: Work in process April 30 Cost of goods manufactured 0 $ o 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 Required 4A Required 4B > 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 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories