nes, Preca chapter 1 Connect account @ MyLab Ac countrg. n Account switcher. mat

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nes, Preca chapter 1 Connect account @ MyLab Ac countrg. n Account switcher. math lab Sign Up-Course H . Spectrum.net Bilng Apartment Eucharg. Help mauon The following information applies to the questions displayed below] Marcelino Co's March 3t inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for S635.000 cash in Apr. Costs of the three jobs worked on in April follow s, March 31 nateriais 29,000 35,000 18,000 9,000 20,000 10,000 Applied overheard Costs during April 135,08 220,000 $100,000 135.000 85,DDD 150,ODD 105,000 Applied overhead Tinished (sold) (uld prce8s on Aprit 30inished 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, includin g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306 L. Revenue from the sale of Job 306 Assignment of any underapplied or overappled overhead to the cost of Goods Sold account. (The amount is not moer as 2. Prepare journal entries for the month of April to record the above transactions. Prey 13 14 15 of 15E Next > G Search or type URL

Explanation / Answer

2) Journal entry Accounts and Titles Debit Credit a) Raw Material Inventory $500,000.00 Accounts Payable $500,000.00 b) Work in process inventory $455,000.00 Raw Material Inventory $455,000.00 c) Work in process inventory $340,000.00 Cash $340,000.00 d) Factory Overhead $23,000.00 Cash $23,000.00 e) Work in process inventory $170,000.00 Factory Overhead $170,000.00 f) 1 Factory Overhead $50,000.00 Raw Material Inventory $50,000.00 f ) 2 Factory Overhead $19,000.00 Cash $19,000.00 f) 3 Factory Overhead 51000 Accumulated Depreciation--Factory Equipment 51000 f) 4 Factory Overhead $32,000.00 Cash $32,000.00 g) Finished Goods Inventory $828,500.00 Work in process inventory $828,500.00 h) Cost of Good sold $321,500.00 Finished Goods Inventory $321,500.00 i) Cash $635,000.00 Sales $635,000.00 j Cost of Good sold $5,000.00 Factory Overhead $5,000.00 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 306 Job 307 Job 308 April Total From March Direct Materials $29,000.00 $35,000.00 $64,000.00 Direct Labor $20,000.00 $18,000.00 $38,000.00 Applied overhead $10,000.00 $9,000.00 $19,000.00 Beginning goods in process $59,000.00 $62,000.00 $0.00 $121,000.00 For April Direct Materials $135,000.00 $220,000.00 $100,000.00 $455,000.00 Direct Labor $85,000.00 $150,000.00 $105,000.00 $340,000.00 Applied overhead = 50% x DLH $42,500.00 $75,000.00 $52,500.00 $170,000.00 Total costs added in April $262,500.00 $445,000.00 $257,500.00 $965,000.00 Total costs (April 30) $321,500.00 $507,000.00 $257,500.00 $1,086,000.00 Status on April 30 Finished (sold) Finished (unsold) In process April 30 cost included in: cost of good sold Finished Goods Inventory Goods in process inventory

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