Required information Problem 19-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.) Ciolino Co.'s March 31 inventory of raw materials is $130.000. Raw materials purchases in April are $440,000, and factory payroll cost in April is $211,000. Overhead costs incurred in April are: indirect materials, $28,000; indirect labor, $13,000; factory rent, $20,000; factory utilities, $10,000; and factory equipment depreciation, $13,600. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $400,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 14,000 21,000 8,400 $ 15,000 10,000 4,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 115,000 29,000 170,000 49,000 $ 75,000 120,000 Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A Part 1 Required information 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 April Total $ $ 14,000 21,000 15,000 10,000 4,000 29,000 29,000 31,000 12.400 72,400 8.400 43,400 $ $ 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) Status on April 30 April 30 cost included in: 115,000 29,000 - 17 This is a numeric cell, so please enter numbers only. 360,000 198,000 Finished Required information Problem 19-1A Part 2 a. Materials purchases (on credit), factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.) b. Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory. c. Transfer of Jobs 306 and 307 to the Finished Goods Inventory. d. Cost of goods sold for Job 306. e. Revenue from the sale of Job 306. f. 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 list Journal entry worksheet