Answered step by step
Verified Expert Solution
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 $89,000. Raw materials purchases in
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 $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $23,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $56,000. 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 $ 38,000 $ 31,000 22,000 11,000 Direct materials Direct labor 18,000 9,000 Applied overhead Costs during April Direct materials 135,000 101,000 220,000 $105,000 Direct labor 153,000 103,000 Applied overhe ad ? Finished Finished In Status on April 30 (unsold) (sold) 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) Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total co assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total From March 31,000 Direct Materials 38,000 69,000 Direct Labor 22,000 18,000 40,000 9,000 Applied overhead 11,000 20,000 Beginning goods in process For April 135,000 220,000 Direct Materials 105,000 460,000 Direct Labor 101,000 153,000 103,000 357,000 Applied overhead Total costs added in April 236,000 373,000 208,000 817,000 Total costs (April 30) 0 Status on April 30 Finished (sold) Finished (unsold) In process April 30 cost included in
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started