Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $520,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $33,000; factory utilities, $22,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 31,000 20,000 10,000 $ 44,000 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 30 134,000 103,000 205,000 155,000 $110,000 103,000 Finished (sold) Tinished (unsold) process Status on April 30 Finished (sold) Finished (unsold) process art 1 of 4 quired: Determine the total of each production cost incurred for April (direct labor direct materials, and applied overhead). id the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total 31.000 44.000 18.000 eBook 20.000 75,000 38,000 19,000 132.000 10,000 9.000 s 61,000 71.000 rom March Direct Materials Direct Labor Applied overhead eginning goods in process or April Direct Materials Direct Labor Applied overhead otal costs added in April 134,000 103.000 205,000 155,000 110,000 103.000 449,000 361.000 237,000 360,000 213,000 810,000 otal costs (April 30) Finished (sold) Finished (unsold) In process tatus on April 30 pril 30 cost included in: View transaction list Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Finance

Authors: Prof Stephen Sunday Sharang Ph.D.

1st Edition

979-8639273353

More Books

Students also viewed these Accounting questions