! Required information [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 $500,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor. $25,000; factory rent, $30,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 386 Job 387 Job 388 $ 27,000 22, eee 11, oee $ 38,888 13,000 6,50e Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 134, eee 182, eee 205,000 151, 80e $105, de 101, eee Finished (sold) Finished (unsold) In process Job 306 Job 307 Job 308 April Total $ $ From March Direct Materials Direct Labor Applied overhead Beginning goods in process 27,000 22,000 11,000 60,000 38,000 13,000 6,500 57,500 $ 65,000 35,000 17,500 $ 117,500 $ $ $ 0 For April 205,000 Direct Materials Direct Labor Applied overhead Total costs added in April 134,000 102,000 32.000 268,000 105,000 101,000 151,000 444,000 354.000 32,000 830,000 356,000 206,000 Total costs (Apni 30) $ 0 Status on April 30 April 30 cost included in: Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory 4 Required information [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 $500,000 and factory payroll cost in April is $379,000 Overhead costs incurred in April are indirect materials, $55.000 indirect labor, $25,000; factory rent. $30,000; factory utilities. $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 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 $ 27,eee $ 38,000 Direct labor 22,000 13,000 Applied overhead 11,888 6,500 Costs during April Direct materials 134,000 205,000 $195,000 Direct labor 102,800 151,000 1e1,eee Applied overhead Status on April 30 Finished Finished (sold) (unsold) In process 2 of 4 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 overapplled overhead to the Cost of Goods Sold account. (The amount is not material.) apod 2. Prepare journal entries for the month of April to record the above transactions 3 of 4 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Ok 1 0 ces 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 121,000 121,000 257,500 (136,500) $ 8 ! Required information Complete this question by entering your Required 4A Required 4B Compute gross profit for April. Gross profit Complete this question by entering your ans Required 4A Required 4B Show how to present the inventories on the April 3 Inventories Raw materials Work in process Finished goods Total inventories $ 0