Status on April 30 Finished (sold) Finished (unsold) In process Problem 15-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ $ 29,000 21,000 10,500 60,500 39,000 16,000 8,000 63,000 $ 68,000 37.000 18,500 $ 123,500 $ From March Direct Materiais Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 137,000 103,000 51,500 291.500 220,000 153,000 76,500 449,500 105,000 100,000 50.000 255.000 462,000 356,000 178,000 996,000 $ $ $ 864,500 352.000 512.500 Total costs (April 30) 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 View transaction list Journal entry worksheet ..... hm Record the Direct labor paid and assigned to Work in Process Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the entry for Overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journai View transaction list Journal entry worksheet Record depreciation on factory equipment. Note: Enter debits before credits General Journal Debit Credit Transaction f(3) Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the cost of factory rent, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit f(4) Record entry Clear entry View general journai 2. Prepare Journal entries for the month of April to record the above transactions. View transaction list Book Journal entry worksheet int Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit g Record entry Clear entry View general journai 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 12 13 7 10 111 6 8 9 1 Record the revenue from the sale of Job 306 Note: Enter debits before credits Transaction General Journal Debit Credit 4 Record entry Clear entry View general journai DESSERE ch C View transaction list Journal entry worksheet 11 13 Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold. Note: Enter debits before credits Debit Credit General Journal Transaction j View general journai Clear entry Record entry her WowWeWoodporneste que Stayed on Marcelino Co.'s March 31 inventory of raw materials is $89.000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $52,000; Indirect labor $27,000; factory rent, $31,000; factory utilities. $21,000, and factory equipment depreciation, $56,000. 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 386 Job 387 Job 308 $ 29,000 21,000 10,500 $ 39,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 220,000 153,000 137, eee 103,000 2 Finished (sold) $195,00 100,000 ? In process Finished (unsold) Problem 15-1A Part 3 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured O Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [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 $590,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: Indirect materials, $52,000; Indirect labor $27,000; factory rent, $31,000; factory utilities, $21.000; and factory equipment depreciation, $56,000. 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 of 4 Job 306 Job 30 Job 388 $ 29,000 21,000 10, see $ 39,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 220,000 153,000 137.000 103,000 ? Finished (sold) $105,000 100,000 ? In process Finished (unsold) Problem 15-1A Part 4 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 48 Compute gross profit for April Gross profit The following information apples to the questions displayed below) Marcelino Co.'s March 31 Inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: Indirect materials, $52.000 indirect labor, $27,000; factory rent, $31,000; factory utilities, $21,000, and factory equipment depreciation, $56,000. 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 4 Job 306 Job 307 Jobses $ 29,000 21,000 10,500 $ 39,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 103,000 ? Finished (sold) 220,000 153,000 > Finished (unsold) $105,000 100,000 2 In process Problem 15-1A Part 4 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 48 Show how to present the inventories on the April 30 balance sheet. Inventorios Raw materials Work in process Finished goods Saved Requirea inrormation Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [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 $590,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: Indirect materials, $52,000: Indirect labor, $27,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. 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 386 Job 307 Dob 388 Balances on March 31 Direct materials $ 29,000 $ 39,000 Direct labor 21,000 16,000 Applied overhead 10,500 8, eee Costs during April Direct materials 137,000 220, eee $105,000 Direct labor 103,800 153, eee 100,000 ? Applied overhead Finished Finished In Status on April 30 (sold) (unsold) process ? em 15-1A Part 3 are a schedule of cost of goods manufactured. MARCELINO COMPANY