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 $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363.000. Overhead costs incurred in April are: Indirect materials, $50,000 indirect labor $23.000; factory rent, $32,000; factory utilities. $19.000: and factory equipment depreciation, $51.000. 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 $ 29,000 20,000 10,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April $ 35,00 18,000 9,000 22e, ce 15e,see Finished (unsold) 85.00 $100,000 105,000 Finished (sold) In process 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 5 $ 20.000 20.000 10.000 35.000 18,000 0,000 504.000 38.000 10.000 3 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 100.000 455 000 135,000 85.000 220,000 150.000 105,000 340.000 0 795.000 220,000 370.000 205.000 Total costs (April 30 5 Finished (old) Finished unsold in proces 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 $80.000 Raw materials purchases in April are $500 000, and factory payroll cost in April is $363.000. Overhead costs incurred in Aprilare: indirect materials. 550,000 indirect labor $23.000factory rent. $32.000.factory utilities. $19,000; and factory equipment depreciation, $51.000. 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 Job Jobs $ 29,00 20, 10 535.00 15,00 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labore Applied overhead Status on Aprile 220,000 150.00 $100,000 305.000 135.000 85.ee Finished (solo) (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 t. Actual overhead costs incurred, including indirect materials. Factory rent and utilities are paid in cash) . Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306 L 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 Journal entry worksheet 1 2 > 5 3 8 13 Record the entry for Materials purchases (on credet). 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 $80,000, Raw materials purchases in April are $500.000, and factory payroll cost in April is $363.000. Overhead costs incurred in April are Indirect materials. 550,000 indirect labor $23.000, factory rent. $32.000; factory utilities, $19.000, and factory equipment depreciation, 551,000. The predetermined overhead rate is 50of direct labor cost Job 306 is sold for $635 000 cash in April Costs of the three jobs worked on in April follow Job 30 Job 37 Job 38 Balances on March 31 Direct materials $ 29,000 $ 35,000 Direct labor 20. Applied overhead 10. 9.000 Costs during April Direct ateriais 135,000 220,000 Direct labor $100,000 35.00 150,000 105.ce Applied overhead Finished Status on April 30 Finished In process (sold (unsold) Problem 15-1A Part 3 3. Prepare a schedule of cost of goods manufactured MARCELINO COMPANY Schedule of cost of Good Manufactured For Month Ended Apr 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 5 O 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 $80.000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials. $50,000; Indirect labor. $23,000; factory rent, $32,000; factory utilities. $19,000; and factory equipment depreciation, $51,000. 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 305 Job 307 Job 308 Balances on March 31 Direct materials $ 29,800 $ 35,000 Direct labor 20,000 18,000 Applied overhead 10,000 9,800 Costs during April Direct materials 135,000 220,000 $100,000 Direct labor 85,000 150,000 105,000 Applied overhead Status on April 30 Finished Finished (sold) (unsold) In process Problem 15-1A Part 4 4-o. Compute gross profit for April. 4-6. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4 Required 48 Computer gross profit for April Gross profit Required 48 > 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 $80,000. Raw materials purchases in April are $500.000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are indirect materials, $50,000: indirect labor. $23.000; factory rent, $32,000; factory utilities, $19.000; and factory equipment depreciation, $51,000. 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 $ 29,000 20,000 10,000 $ 35,000 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 30 135,000 B5, Bee 220,000 150,000 $100,000 105,eee Finished (sold) Finished (unsold) In process Problem 15-1A Part 4 4-o. 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 Required 4B Show how to present the inventories on the April 30 balance sheet. Finished good