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 $87000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $384.000. Overhead costs incurred in April are Indirect materials, $53,000, indirect labor. $27,000; factory rent. $40,000; factory utilities, $21.000; and factory equipment depreciation, $54,000. 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 Jobs Jobs Job $ 30,000 22,000 11,00 $ 43,000 17.000 8,500 Balances on March 31 Direct saterials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 138.000 100.000 215,000 153,000 $110.000 100,00 Status on April 30 Finished (sold) Finished (unsold) In process Problem 15-1A Part 1 Problem 15-1A 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 Direct Materials 30 000 43 000 73,000 Direct Labor 22.000 17.000 19000 Applied overhead 8500 11,000 63.000 19,500 $ 131,500 Beginning goods in process For April Direct Materials 215.000 110.000 463 000 138,000 104000 153 000 Direct Labor 100 000 357,000 Applied overhead Total costs added in April Total costs (April 30) Finished (sold) Status on April 30 April 30 cost included in 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 $87,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $384.000. Overhead costs incurred in Aprilare Indirect materials. 553.000 indirect labor, $27.000 factory rent, $40.000factory utilities. $21.000, and factory equipment depreciation, $54,000. 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 bo ob 13 $ 30,000 22.000 11.000 5.43,000 17.000 8.50 Balances on March 31 Direct materials Direct labor Applied overhead costs during April Direct materials Direct labor Applied werhead Status on April 30 135,00 164,000 215.00 153,000 $110. 100, Finished (sold) Finished (unsold) In process Problem 15-1A Part 2 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) 9. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306. 1. 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 material) 2. Prepare journal entries for the month of April to record the above transactions View transaction ist Journal entry worksheet Record the entry for Materials purchases (on credit). Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record the entry for Materials purchases (on credit). 2 Record the direct materials used in production. 3 Record the Direct labor paid and assigned to Work in Process Inventory. Record the indirect labor paid and assigned to Factory Overhead. 5 Record the entry for Overhead costs applied to Work in Process Inventory 6 Record the cost of indirect materials used. Note : = journal entry has been entered 7 Record the cost of factory utilities, paid in cash. . 8 Record depreciation on factory equipment. 9 Record the cost of factory rent, paid in cash. 10 Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 Record the Cost of goods sold for Job 306. 12 Record the revenue from the sale of Job 306. 13 Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold. Note : = journal entry has been entered Job 306 Job 307 Job 308 $ 30,000 22,000 11,000 $ 43,000 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 30 138,000 104,000 215,000 153,000 $110,000 100,000 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 Total manufacturing costs Total cost of work in process Cost of goods manufactured 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 $560,000, and factory payroll cost in April is $384.000. Overhead costs incurred in Aprilare: indirect materials, $53.000 indirect labor, $27.000, factory rent, $40,000, factory utilities. $21.000, and factory equipment depreciation, $54,000. 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 Dob 398 $ 30,000 22.000 11.ee Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 $ 43,000 17.000 8,500 138.000 100,000 215, eee 153,000 $110,000 100,000 Finished (sold) Finished (unsold) In process Problem 15-1A Part 4 4-a. Compute gross profit for April 4-5. 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 48 Compute gross profit for April Gross profit Required 4B > Problem 15-1A 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