Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 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 $ 38,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 102,000 220,000 154,000 $ 105,000 101,000 Finished (sold) Finished (unsold) In process Problem 15-1A 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 357,000 Factory overhead applied Total manufacturing costs 814,000 Add: Work in process April 30 Total cost of work in process 814,000 Less: Underapplied overhead Cost of goods manufactured $ 814,000