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

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 $590,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $29,000; factory rent, $40,000; factory utilities, $20,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $640,000 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 28,000 23,000 11,500 $ 37,000 16,000 8,000 Costs during April Direct materials Direct labor Applied overhead 139,000 102,000 205,000 154,000 $115,000 102,000 Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

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2. Journal

3. Schedule of cost of goods manufactured

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4.2

Job 306 Job 307 Job 308 April Total From March Direct materials $28000 $37000 $65000 Direct labor 23000 16000 39000 Applied overhead 11500 8000 19500 Beginning goods in process $62500 $61000 $123500 For April Direct Materials 139000 205000 115000 459000 Direct labor 102000 154000 102000 358000 Applied overhead 51000 77000 51000 179000 Total costs added in April $292000 $436000 $268000 $996000 Total costs (April 30) $354500 $497000 $268000 $1119500 Status on April 30 Finished (sold) Finished (unsold) In process April 30 costs included in: $354500 $497000 $268000

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