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 $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $22,000; factory rent, $32,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 27,000 23,000 11,500 $ 37,000 13,000 6,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 101,000 205,000 153,000 $120,000 105,000 Finished (sold) Finished (unsold) In process Problem 02-1A Part 1 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 From March Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Required information 2. Prepare journal entries for the month of April to record the above transactions. Answer is not complete. Transaction No 1 General Journal Credit Debit 510,000 Raw materials inventory Accounts payable 510,000 Work in process inventory Raw materials inventory Work in process inventory Cash Factory overhead Cash Work in process inventory Factory overhead f(1). Factory overhead Raw materials inventory 7 f(2). Factory overhead Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Required information Naw materiais II Venly f(2). Factory overhead Cash f(3). Factory overhead Accumulated depreciation-factory equipment f(4). Factory overhead Cash g. Finished goods inventory Work in process inventory h. Cost of goods sold Finished goods inventory Cash Sales 13 j. Cost of goods sold Factory overhead $ 27,000 23,000 11,500 $ 37,000 13,000 6,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 101,000 205,000 153,000 $120,000 105,000 Finished (sold) Finished (unsold) In process 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 $ 457,000 Direct labor used 359,000 816,000 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 816,000 $ 816,000 23,000 11,500 13,000 6,500 Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 101,000 205,000 153,000 $120,000 105,000 Finished (sold) 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 23,000 11,500 13,000 6,500 Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 101,000 205,000 153,000 $120,000 105,000 Finished (sold) 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 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0