Screenshot (16) - Windows Photo Viewer File Print E-mail Burn Open Marcelino Co.

Question

Screenshot (16) - Windows Photo Viewer File Print E-mail Burn Open Marcelino Co.s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Costs of the three jobs worked on in April follovw Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $ 26,000 36,000 18,000 9,000 24,000 12,000 Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,00e 101,000 215,000 110,000 102,000 153,000 Finished (unsold) 1n1shed (sold) process 11:21 PM 9/22/2018

Explanation / Answer

Solution:

Computation of production cost incurred in april and total cost assigned to each job Particulars Job 306 Job 307 Job 308 Total From March: Direct material $26,000.00 $36,000.00 $0.00 $62,000.00 Direct labor $24,000.00 $18,000.00 $0.00 $42,000.00 Applied overhead (50% of direct labor) $12,000.00 $9,000.00 $0.00 $21,000.00 Beginning Goods in Process $62,000.00 $63,000.00 $0.00 $125,000.00 For April: Direct material $137,000.00 $215,000.00 $110,000.00 $462,000.00 Direct labor $101,000.00 $153,000.00 $102,000.00 $356,000.00 Applied overhead (50% of direct labor) $50,500.00 $76,500.00 $51,000.00 $178,000.00 Total Cost added in April $288,500.00 $444,500.00 $263,000.00 $996,000.00 Total Costs (April 30) $350,500.00 $507,500.00 $263,000.00 $1,121,000.00 Status on April 30 Finished (Sold) Finished (Unsold) In Process April 30 cost included in Cost of goods sold Finished goods inventory Work In Process Inventory

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