e https://newconnect.mheducation.commowannect.html pter 15 Marcelino Co\'s March

Question

e https://newconnect.mheducation.commowannect.html pter 15 Marcelino Co's March 31 inventory of raw materials is $80,000. Raw materiels purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materiala, $50,000; indirect labor $23,000, factory rent. $32,000 factory ualties, $19,000 and factory equipment depreciaticn, $51.000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635.000 cash in Apr. Costs of the three worked on in April follow Balances on March 31 Direct naterials Direct labor Applied f s 29,800 35,090 20,800 18,0e9 10,6099,0 Costs during April Direct naterials Direct labor Applied overhead Status on April Finished 3e 135,000 228,00e $100,8ee 85,889 15e,8e8 15,889 FínishedIn (sold)(unsold) process Problem 15-1A Part 1 1 Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overheadi, and the total cost assigned to each job including the belances from March 31 Prom Marh Direct Uatarials 29.000 35,000 4,000 Prev 11-12 af 14 Next > here to search

Explanation / Answer

Job 306 Job 307 Job 308 April 1) total From March Direct materials 29,000 35,000 0 64,000 Direct labor 20,000 18,000 0 38,000 applied overhead 10,000 9,000 0 19,000 Beginning goods in process 59,000 62,000 0 121,000 For April Direct materials 135,000 220,000 100,000 455,000 Direct labor 85,000 150,000 105,000 340,000 applied overhead 42500 75000 52500 170,000 Total costs added in April 262,500 445,000 257,500 965,000 total costs (April 30) 321,500 507,000 257,500 1,086,000 Satus on april 30 fin(sold) fin(unsold) in process April costs included in : COGS finished WIP goods inventory 2) TR General journal Debit Credit a. Raw materials inventory 500,000 Accounts payable 500,000 b. Work in process inventory 455,000 Raw materials inventory 455,000 c. Work in process inventory 363,000 Cash 363,000 d. Factory overhead 23,000 cash 23,000 e. Factory overhead 170,000 work in process inventory 170,000 f. Factory overhead 152,000 Raw materials inventory 50,000 Cash 51,000 Accumulated Depreciation 51,000 g. finished goods inventory 828,500 Work in process inventory 828,500 h. Cost of goods sold 321,500 finished goods inventory 321,500 i. Cash 635,000 sales 635,000 j. cost of goods sold 5,000 Factory overhead 5,000 3) Schedule of goods of goods manufactured direct materials used 455,000 Direct labor used 340,000 factory overhead applied 170,000 total manufacturing costs 965,000 Add:work in process March 31 121,000 total cost of work in process 1,086,000 less:work in process April 30 257,500 cost of goods manufactured 828,500 4) Gross profit sales 635,000 less cost of goods sold 326,500 Gross profit 308,500 5) inventories Raw materials 75,000 work in process 257,500 finished goods 507,000 total inventories 839,500 Working notes Actual overhead indirect material 50,000 indirect labor 23,000 depreciation 51,000 Factory rent 32,000 factory utilities 19,000 total 175,000 overhead applied 170,000 under applied overhead 5,000 Raw materials inventory beginning raw materials 80,000 purchased 500,000 direct materials used -455,000 indirect materials used -50,000 ending raw materials inventory 75,000

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