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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 $86,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $376,000. Overhead costs incurred in Aprilare: indirect materials, $53.000; indirect labor, $23.000 factory rent, $37000; factory utilities. $19,000: and factory equipment depreciation. $54,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 301 $ 25,000 543,000 Balances on March 31 Direct baterials Direct labor Applied overhead Costs during April Direct materials Director Applied overhead Status on April 30 131.000 210,000 151.000 $110.000 102.000 Finished Pintshed unsold) proces 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 300 job sot Jobson Apni Total from March Dret Maas Applied overhead For Apr 210 000 erowowing information applies to the questions displayed below) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $376,000. Overhead costs incurred in Aprilare: indirect materials. 553,000 indirect labor, $23,000; factory rent, $37000; factory utilities. $19,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow Direct materials $ 25.000 $43.000 Costs during April Dretter 210,000 151.000 Applied overhead Statue on April 30 Finished old) 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 Actual overhead costs incurred, including indirect materials (Factory rent and utilities are paid in cash) 9. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306 Revenue from the sale of Job 306 1. 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 Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $376,000. Overhead costs incurred in April are indirect materials, $53000, indirect labor $23,000; factory rent. $37,000; factory utilities. $19,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137.000 100.000 210.000 151.000 Tinished (sold) (unold) 3. Prepare a schedule of cost of goods manufactured MARCELINO COMPANY Schedule of Cost of Goods Manufactured - For Month Ended April 30 Total mandaluring costs 0 The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $376,000. Overhead costs incurred in Aprilare: indirect materials, $53,000; indirect labor. $23,000; factory rent, $37.000; factory utilities, $19,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 25,000 24,000 12.000 $43,000 15,000 7.500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137.000 100.000 210,000 151.000 $110,000 102,000 Finished sold) Finished unsold) In process 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
