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 $82,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $386,000. Overhead costs incurred in Aprilare: indirect materials. $59.000 indirect labor, $28,000; factory rent, $36.000, factory utilities. $22,000; and factory equipment depreciation $57,000. 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 $ 25,000 25,000 12,500 $ 42,000 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 30 136,000 104,000 ? Finished (sold) 215,000 152,000 7 Finished (unsold) $120,000 102,000 2 In process 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 305 Job 307 Jab 308 April Total $ $ 5 25,000 25,000 12.500 42,000 13,000 0,500 67,000 38.000 19.000 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) 136,000 104,000 215,000 152.000 120.000 102,000 471,000 358.000 Finished (sold) Finished (unsold) Status on April 30 April 30 cost included in In process Saved 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 $82,000, Raw materials purchases in April are $560,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $57,000. 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 388 Balances on March 31 Direct materials $ 25,000 $ 42,000 Direct labor 25,000 13,000 Applied overhead 12,500 6,500 Costs during April Direct materials 136,000 215,000 $120,000 Direct labor 104,000 152,000 102,000 Applied overhead Status on April 30 Finished Finished (sold) (unsold) ? 2 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 3. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) mework Saved HC 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 $82,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor $28,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $57,000. 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 Balances on March 31 Direct materials $ 25,000 $ 42,000 Direct labor 25,000 13,000 Applied overhead 12,500 6,500 Costs during April Direct materials 136,000 215,000 $120,000 Direct labor 104,000 152,000 102,900 Applied overhead 7 Status on April 30 Finished Finished In (sold) (unsold) process Problem 15-1A Part 3 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 0 Total cost of work in process 0 Cost of goods manufactured $ 0