Required Information Problem 19-1A 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 $81,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $391,000. Overhead costs incurred in April are indirect materials, $58,000; indirect labor. $30,000, factory rent, $32.000 factory utilities. $22.000, and factory equipment depreciation $55,000. 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 3e7 Job 388 $ 27,00 24.ee 12,000 $36,000 16, Bee 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 138, 104, 215,000 154,000 $195,000 103,000 Finished (sold) Finished (unsold) In process Problem 19-1A 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. 1. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) Q. 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 material) 2. Prepare journal entries for the month of April to record the above transactions. 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 Direct labor used 0 Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process Less: Work in process April 30 Cost of goods manufactured 0 $ 0 Problem 19-1A Part 4 4-o. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories