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Speak Required information (The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases
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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 $88,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $670,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 27,000 22,000 11,000 $ 36,000 19,000 9,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 215,000 153,000 136,000 103,000 ? Finished (sold) $115,000 104,000 ? In process 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). Job 306 Job 307 Job 308 April Total From March Direct Materials $ 27,000 $ 36,000 $ Direct Labor 22,000 19,000 9,500 63,000 41,000 20,500 Applied overhead 11,000 $ 0 Beginning goods in process For April Direct Materials 136,000 215,000 115,000 104,000 466,000 360,000 Direct Labor 103,000 153,000 0 Applied overhead Total costs added in April 239,000 368,000 219,000 826,000 Total costs (April 30) $ 0 Finished (sold) Finished (unsold) In process Status on April 30 April 30 cost included inStep by Step Solution
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