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Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: Indirect materials, $50,000; indirect labor. $24,000; factory rent. $31,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. 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. Balances on March 31 Applied overhead i 15,000 7,500 Job 306 Job 307 Job 308 Direct materials. $ 27,000 $ 43,000 Direct labor 21,000 10,500 Costs during April Direct materials Direct labor 130,000 100,000 215,000 151,000 $115,000 102,000 Applied overhead P Finished Status on April 30 Finished In (sold) (unsold) process
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