Gl Start Course: 2018/WN Principles € Exam 0801l 6g ) ezto mheducation.com/hm.tp

Question

Gl Start Course: 2018/WN Principles € Exam 0801l 6g ) ezto mheducation.com/hm.tp 0. 967046784837323 1520869480223 Connect. ACCOUNTING ry) The following information opplies to the questions displayed below/ Marcelino Co's March 31 inventory of raw materials is $84,000. Raw materials purchases in Aprit are $530,000, and factory payroll cost in April is $369.000, Overhead costs incurred in April are: Indirect materiels, $56,000, indirect labor, $23,000, factory rent, $31,000; factory utilities, $23,000 and factory equipment depreciation, $54,000 The predetermined overhead rate is 50% or direct labor cost. Job 306 IS sold for $670,000 cash in April. Costs of the three jobs worked on in April follow Job 306Job 307 Job 308 Balances on March 31 Direct matenals Direct labor Applied overhead s 27,000 23,000 11,500 $ 42,000 18,000 9,000 Costs during Apn Direct materials Direct labor Apphed overhead 132,000 94,000 215,000 150,000 $ 115,000 102,000 Status on Apni 30 Finished (sold) Finished (unsold) In process Required

Explanation / Answer

4-1)cost of Job306 =Beginning cost+cost indurred during the period

      =[27000+23000+11500]+[132000+94000+(94000*.50)]

     = 61500+273000

      = 334500

Gross profit :sale value- cost

    = 670000-334500

= 335500

4-2)Total Raw material used in april : [132000+215000+115000]Direct +56000Indirect material= 518000

Job 307 [(42000+18000+9000)beginning + (215000+150000+{150000*.50})

[69000+440000]

**cost for a month =Direct material +direct labor +overhead applied

Raw Material 84000Beginning +530000 purchase -518000 used 96000 Work In process Job308 [115000+102000+(102000*.50)] 268000 Finished goods inventory

Job 307 [(42000+18000+9000)beginning + (215000+150000+{150000*.50})

[69000+440000]

509000 Total Inventory 873000

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