Required information Problem 15-1A 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 $84,000, Raw materials purchases in April are $510,000, and factory payroll cost in April is $383,000 Overhead costs incurred in Aprilare Indirect materials, $51.000, indirect labor, $23,000, factory rent, $36,000; factory utilities, $22,000, and factory equipment depreciation $56,000 The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Sobo Balances on March 31 Direct materials $ 30,000 $.40.000 Direct labor 20,000 14,000 Applied overhead 10,000 7.000 Couts during April Direct materials 134,000 220,000 $100,000 Direct labor 104,000 153,000 103,000 Applied overhead Finished Statue on April 30 (sold) (unsold ? Finished ? In process Job 305 Job 307 Job 308 April Total $ $ 30,000 20,000 10,000 40,000 14,000 7,000 $ 70,000 34.000 17,000 $ 0 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) Status on April 30 April 30 cost included in 134,000 104,000 220,000 153.000 100.000 103.000 454.000 360,000 0 814,000 238,000 373,000 203.000 $ 10 Finished (sold) Finished (unsold) In process Required information a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory f. 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 im 2. Prepare journal entries for the month of April to record the above transactions View transaction list Journal entry worksheet 2 6 7 8 13 Record the entry for Materials purchases (on credit). 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