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 $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, $50,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. 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 306 Job 307 Job 308 $ $ 28,000 20,000 10,000 41,000 17,000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 $110,000 100,000 131,000 102,000 3 Finished (sold) 210,000 153,000 ? Finished (unsold) In process 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 The following formal applies to the questions played below Marcelino Cos March 31 inventory of raw materials is $96.000 Raw materials purchases in April are $570.000, and factory Payroll cost in Aprilis 53B2.000. Overhead costs incurred in April are indirect materias $50,000, indirect labor $27000; factory rent. 539.000; tactory Utilities, 524000; and factory equipment cepreciation $58.000. The predetermined overhead rate is 50% of direct latar cost. Job 306 is sald for $635.000 cash in Apni Casts of the three jobs worked on in April follow. Job 386 700 387 $ 25,000 20,00 30,000 5 41,000 17,000 0.500 Balance on March 31 Direct materials Director Applied overhead Corts during pril Direce nisterials Direce labor Applied werd Status on April 151,000 $110,00 100,000 111,000 103,00 > Finish (sold) 11 Find (usuld) us- Problem 02-1A Part 4 4-a. Compute gross profit for April 4-b. Show how to present the inventaries on the April 30 balance sheet Complete this question thy entering your answers in the tabs helow. . Required 14 Required 18 Show how to present the inventaries on the April 20 balance sheet. 5 Invento Raw materias Work in process Fred goos Total inventories 155.000 260.000 3 415.000 Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 The following Infomation agiles to the questions oisplayed 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 Aprilare Indirect materials $50,000 indirect labor $27.000 factory rent, 539.000, factory utilities, S24,000, and factory equipment depreciation. 558.000. The predictonnined overseas 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 206 207 2e 388 Balances on March 3: Direct materials $ $ 28,000 $ 41,800 Direct labor 20,000 17,000 Appaled overhead 10,000 8,500 Costs during April Direct ateriat 131,898 210,000 $110,000 Direct labor 102,000 150.000 100,000 Applied overhead - ? Finished - Pinched n Status on April 10 (wald) (uneold) praras Problem 02-1A Part 2 8. Materials purchases (on credit). b. Direct materials used in production c. Direct labor paid and signed to Work in Process Inventory. d. Innect labor paid 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 paid in cash.) 9. Transfer of Jobs 206 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 705 L. Revenue from the sale of Job 306. j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sple account. The amount is not material 2. Prepare ournal entries for the month of April to record the above transactions Journal Entry Questions. C. e a. Record the entry for Materials purchases on credit). b. Record the direct materials used in production. Record the Direct labor paid and assigned to Work in Process Inventory d. Record the indirect labor paid and assigned to Factory Overhead. Record the entry for Overhead costs applied to Work in Process Inventory. fill. Record the cost of indirect materials used. [12). Record the cost of factory utilities, paid in cash. f/3). Record depreciation on factory equipment. 14. Record the cost of factory rent, paid in cash. A. Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Record the Cost of goods sold for Job 306 Record the revenue from the sale of lob 306. j. Record the entry for assignment of any underapplied or over applied overhead to the Cost of Goods Sold