Search the web... EE State Center Single-Sign?E McGraw-Hill Connect × y M Ch 15

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Search the web... EE State Center Single-Sign?E McGraw-Hill Connect × y M Ch 15 Problem(s) ? ? ? Not secure l ezto.mheducation.com/hm.tpx Problem 15-3A Source C Problem 15-1A Production costs computed and recorded; reports prepared LO C2, Pl, P2, P3, P4 The following information applies to the questions displayed belowj Marcelino Co's March 31 Inventory of raw materials is $84,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $383.000. Overhead costs incurred In April are: Indirect materials, $56,000; Indirect labor, $23,000: factory rent, $30,000; factory utilities, $22.000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 IS sold for $680,000 cash in April. Costs of the three jobs worked on in April follow Job 306 ail Job 307 ,Job 308 Balances on March 31 Direct materials Direct labor Applied overhead 25,000 41000 15,000 24.000 12.000 7500 Costs during April 220000 $ 115000 105,000 139.000 Direct materials Direct labor Appled overhead 154,000 101000 Status on April 30 Finished (sold) Finished (unsold) In process References

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Job 306 Job 307 Job 308 April 1) total From March Direct materials 25,000 41,000 66,000 Direct labor 24,000 15,000 39,000 applied overhead 12,000 7,500 19,500 Beginning goods in process 61,000 63,500 124,500 For April Direct materials 139,000 220,000 115,000 474,000 Direct labor 101,000 154,000 105,000 360,000 applied overhead 50500 77000 52500 180,000 Total costs added in April 290,500 451,000 272,500 1,014,000 total costs (April 30) 351,500 514,500 272,500 1,138,500 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 580,000 Accounts payable 580,000 b. Work in process inventory 474,000 Raw materials inventory 474,000 c. Work in process inventory 360,000 Cash 360,000 d. Factory overhead 23,000 cash 23,000 e. Factory overhead 180,000 work in process inventory 180,000 f. Factory overhead 162,000 Raw materials inventory 56,000 Cash 52,000 Accumulated Depreciation 54,000 g. finished goods inventory 866,000 Work in process inventory 866,000 h. Cost of goods sold 351,500 finished goods inventory 351,500 i. Cash 680,000 sales 680,000 j. cost of goods sold 5,000 Factory overhead 5,000 3) Schedule of goods of goods manufactured direct materials used 474,000 Direct labor used 360,000 factory overhead applied 180,000 total manufacturing costs 1,014,000 Add:work in process March 31 124,500 total cost of work in process 1,138,500 less:work in process April 30 272,500 cost of goods manufactured 866,000 4) Gross profit sales 680,000 less cost of goods sold (351500+5000)= 356500 Gross profit 323,500 5) inventories Raw materials 134,000 work in process 272,500 finished goods 514,500 total inventories 921,000 Working notes Actual overhead indirect material 56,000 indirect labor 23,000 depreciation 54,000 Factory rent 30,000 factory utilities 22,000 total 185,000 overhead applied 180,000 under applied overhead 5,000 Raw materials inventory beginning raw materials 84,000 purchased 580,000 direct materials used -474,000 indirect materials used -56,000 ending raw materials inventory 134,000

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