ork Help Save & Exit Required information Problem 15-1A Production costs compute

Question

ork Help Save & Exit Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $368,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor $27,000; factory rent, $37,000; factory utilities, $19,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 306Job 307Job 30S s 31,000 36,000 Balances on March 31 Direct materials Direct labor Applied overbead 21,000 10.500 18,000 9,000 Costs during April Direct materials Direct labor Applied overhead 135,000 101,000 210,000 $100,000 153,000 104,000 Firus Finished In procests Status oa April 30 Problem 15-1A Part 4 4.1 Compute gross profit for April.

Explanation / Answer

4.1 Gross Profit

4.2 total inventories

Workings Jobs 307 308 Materials $        210,000 $        100,000 direct labour $        153,000 $        104,000 overheads (50% of DL) $          76,500 $          52,000 total costs $        439,500 $        256,000

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