! Required information The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $25,000; factory rent, $39,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow. are $540,000, and factory Job 306 Job 307 Job 308 Balances on March 31 26,000 23,000 Direct materials 36,000 Direct labor 18,000 9,000 Applied overhead Costs during April 11,500 210,000 155,000 Direct materials $115,000 131,000 103,000 Direct labor 101,000 Applied overhead Finished Finished In April 30 Status on (sold) (unsold) 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 306 Job 307 Job 308 April Total From March Direct Materials 26,000 36,000 62,000 Direct Labor 18,000 23,000 41,000 Applied overhead 11,500 9,000 20,500 Beginning goods in process For April 0 Direct Materials 131,000 210,000 115,000 456,000 Direct Labor 103,000 155,000 101,000 359,000 Applied overhead C Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: 234,000 365,000 216,000 815,000 0 Finished (sold) Finished (unsold) In process 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.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306 ** cto 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.) Journal entry worksheet 6 8 13 1 2 3 4 5 7 Record the entry for Materials purchases (on credit) Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry View general journal Clear entry 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 Total cost of work in process Cost of goods manufactured 4.1 Compute gross profit for April Gross Profit 4.2 Show how to present the inventories on the April 30 balance sheet Inventories Raw materials Work in process Finished goods Total inventories