Built Problems Help Marcelino Co\'s March 31 inventory of raw materials is $89,0

Question

Built Problems Help Marcelino Co's March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $50,000, indirect labor $28,000; factory rent, $31,000. factory utilities, $24.000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 3ob 307 Job 388 Balances on March 5 Direct materials Direct labor Applied overhead $28,000$37,ee8 14,000 7,000 24,000 12,000 Costs during April Direct 135,000215,000 $110,000 104,000150,ee 100,0 Applied In (sold)(unsold) process Next 8

Explanation / Answer

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4.1 Gross Profit: $316000

Gross profit = Sales - Cost of goods sold = $685000 - ($355000 + $14000) = $685000 - $369000 = $316000

4.2

Job 306 Job 307 Job 308 April Total From March Direct Materials 28000 37000 65000 Direct Labor 24000 14000 38000 Applied overhead 12000 7000 19000 Beginning goods in process 64000 58000 122000 For April Direct Materials 135000 215000 110000 460000 Direct Labor 104000 150000 100000 354000 Applied overhead 52000 75000 50000 177000 Total costs added in April 291000 440000 260000 991000 Total costs (April 30) 355000 498000 260000 1113000 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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