Required information Problem 19-1A Production costs computed and recorded; repor

Question

Required information Problem 19-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.J Marcelino Co's March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $29,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead s 26,000 36,000 13,000 6,500 21,000 10,500 Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 104,000 220,000 $110,000 101,000 150,000 Finished (sold) Finished_ In process (unsold)

Explanation / Answer

Applied overhead

(50% ×direct labour cost)

$52,000

(104000×50%)

$75,000

(150,000×50%)

$50,500

(101000×50%)

$177,500

Job 306 job 307 job 308 April total From march: Direct material $26,000 $36,000 $62,000 Direct labour $21,000 $13,000 $34,000 Applied overhead $10,500 $6,500 $17,000 Beginning goods in process $57,500 $55,500 $113,000 For April: Direct material $137,000 $220,000 $110,000 $467,000 Direct labour $104,000 $150,000 $101,000 $355,000

Applied overhead

(50% ×direct labour cost)

$52,000

(104000×50%)

$75,000

(150,000×50%)

$50,500

(101000×50%)

$177,500

Total costs added in April $293,000 $445,000 $261,500 $999,500 Total costs April 30 $350,500 $500,500 $261,500 $1,112,500 Status on April 30 finished (sold) finished (unsold) in process April 30 costs included in: cost of good sold finished goods inventory goods in process inventory

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