Required information (The following information applies to the questions displayed below.) Part 1 of 4 1.11 points Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 30,000 24,000 12,000 $ 36,000 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 30 134,000 100,000 215,000 150,000 $100,000 102,000 ? In process Finished (sold) Finished (unsold) 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). Answer is complete and correct. Job 306 Job 307 Job 308 April Total From March $ $ 36,000 $ 18,000 30,000 24,000 12,000 66.000 66,000 42,000 21,000 129,000 9,000 $ $ 63,000 $ 0 1$ Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 134.000 100.000 449.000 100,000 215,000 150,000 75,000 102,000 352.000 51,000 176,000 50,000 284,000 440,000 253,000 977,000 Total costs (April 30) $ 350,000 $ 503,000 $ 253,000 $ 1,106,000 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 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 are $500,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 30,000 24,000 12,000 $ 36,000 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 30 215,000 150,000 134,000 100,000 ? Finished (sold) $100,000 102,000 ? In process Finished (unsold) 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. 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.) 2. Prepare journal entries for the month of April to record the above transactions. 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 are $500,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 30,000 24,000 12,000 $ 36,000 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 30 134,000 100,000 $100,000 102,000 215,000 150,000 ? Finished (unsold) Finished (sold) In process 3. Prepare a schedule of cost of goods manufactured. X Answer is not complete. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used $ 449,000 Direct labor used 352,000 Factory overhead applied Total manufacturing costs 801,000 Add: Work in process March 31 Total cost of work in process 801,000 Less: Work in process April 30 Cost of goods manufactured $ 801,000 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 are $500,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 30,000 24,000 12,000 $ 36,000 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 30 215,000 150,000 134,000 100,000 ? Finished (sold) $100,000 102,000 ? In process Finished (unsold) 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April. Gross profit 4-a. Compute gross profit for April. 4-6. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories