Return to ques Required information 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 $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $40,000; factory utilities, $22,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 31,000 24,000 12,000 $ 38,000 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 30 215,000 154,000 $105,000 101,000 132,000 102,000 ? Finished (sold) Finished (unsold) process Save & Exit ek my work mode. This shows what is correct or incorrect for the work you have completed so far, it does not indicate completi Return to a Problem 15-1A Part 2 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. Answer is not complete. No Transaction General Journal Credit Debit 87.000 Raw materials inventory _Dovanie trom Required information 2. Prepare journal entries for the month of April to record the above transactions. * Answer is not complete. Transaction General Journal Credit No 1 Debit 87,000 Raw materials inventory Accounts payable 87.000 2 Work in process inventory Raw materials inventory Oo oo oo 3 Work in process inventory Cash 29,000 Factory overhead Cash 29,000 Prev 5 6 7 of 7 !!! Next > k my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indi Required information Factory overhead Cash 29,000 29,000 Work in process inventory Factory overhead Factory overhead Raw materials inventory 00 00 00 00 00 00 (2). Factory overhead Cash Factory overhead Accumulated depreciation-factory equipme Factory overhead Cash 5 6 7 of 7 !!! Next > Homework 1 Saved Help eck my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indig Required information f(3). Factory overhead Accumulated depreciation-factory equipment N Factory overhead Cash Finished goods inventory Work in process inventory / Cost of goods sold Finished goods inventory 00 00 00 00 00 0 / / / Cash Sales / 13 Cost of goods sold Factory overhead rev 5 6 OS 7 of 7 Next >