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Help You skipped this question in the previous attempt 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 $540000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $54,000, indirect labor, $28,000: factory rent, $36,000, factory utilities, $24,000; and factory equipment depreciation, $60,000. 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 ob 306 ob 307 ob 308 Balances on March 31 s 27,000 Direct materials Direct labor Applied overhead 23,000 11,500 38,000 18,000 9,009 Costs during April 139,000 102,e00 215,000 $120,000 103,000 154,000 Direct labor Applied overhead Status on April 30 Finished Finished sold) (unsold) In process Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overheadi and the total 10 11 12 13 of 17Next >

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Part-1 Job 306 Job 307 Job 308 Total April From March: $ $ $ $ Direct Material 27000 38000 65000 Direct Labor 23000 18000 41000 Applied Overheads 11500 9000 20500 Beginning work in Process A 61500 65000 0 126500 For April: Direct Material 139000 215000 120000 474000 Direct Labor 102000 154000 103000 359000 Applied Overheads 50% of Direct Labor Cost 51000 77000 51500 179500 Total Cost added in April B 292000 446000 274500 1012500 Total Cost April 30 353500 511000 274500 1139000 Status as on 30th April Sold-Finished Goods Unsold-Finished Goods Work in Process April 30 Cost included in Cost of Goods Sold Finished Goods Inventory Work in Process Inventory Part-2 Journal Entries Event Account Debit $ Credit $ a Raw Material Inventory 540000 Accounts Payable 540000 b Work in process Inventory 474000 Raw Material Inventory 474000 From Table in Part-1 c Work in process Inventory 359000 Cash 359000 From Table in Part-1 d Factory Overhead 28000 Cash 28000 e Work in process Inventory 179500 Factory Overhead 179500 From Table in Part-1 f-1 Factory Overhead 54000 Raw Material Inventory 54000 f-2 Factory Overhead 36000 Cash 36000 f-3 Factory Overhead 24000 Cash 24000 f-4 Factory Overhead 60000 Accumulated Depreciation 60000 g Finished Goods Inventory 864500 From Table in Part-1 Work in process Inventory 864500 353500+511000 h Cost of Goods Sold 353500 From Table in Part-1 Finished Goods Inventory 353500 i Cash 675000 Sales 675000 j Cost of Goods Sold 22500 Working Below Factory Overhead 22500 Working Overheads Applied 179500 Actual Overheads: Indirect Material 54000 Indirect Labor 28000 Factory Rent 36000 Factory Utilities 24000 Depreciation 60000 202000 Underapplied Overhead Actual>Applied 22500 Part-3 Cost of Goods Manufactured Schedule $ Direct Material Used 474000 From Table in Part-1 Direct Labor 359000 From Table in Part-1 Factory Overhead Applied 179500 From Table in Part-1 Total Manufacturing Cost 1012500 Add: Work in Process 31st March 126500 From Table in Part-1 Total Cost of work in Process 1139000 Less: Work in Process 30th April 274500 From Table in Part-1 Cost of Goods Manufactured 864500 Part-4.1 Gross Proft Sale 675000 Less: Cost of Goods Sold 353500 Gross Profit 321500 Part-4.2 Inventory Raw Material: Beginning Raw Material Inventory 88000 add: Purchase of Raw Material 540000 Less: Direct Matrial Used -474000 Less: Indirect Material Used -54000 Ending Raw Material Inventory 100000 Work in Process: 274500 From Table in Part-1 Finished Goods: 511000 From Table in Part-1

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