[The following information applies to the questions displayed below.] Marcelino

Question

[The following information applies to the questions displayed below.]

Marcelino Co.'s March 31 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 $635,000 cash in April. Costs of the three jobs worked on in April follow.

3. Prepare a schedule of cost of goods manufactured.

Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 29,000 $ 35,000 Direct labor 20,000 18,000 Applied overhead 10,000 9,000 Costs during April Direct materials 135,000 220,000 $ 100,000 Direct labor 85,000 150,000 105,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

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

Related Questions

Navigate

• Browse (All)
• Browse #
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.