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Question: marcelino cos march 31 inventory of raw materials is 85000...

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Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $29,000; factory rent, $35,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow.

Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31) Job 306 Job 307 Job 308 April Total From March Direct Materials Direct Labor Applied overhead 28,000 $ 24,000 12,000 64,000$ 5,000 16,000 8,000 69,000 $ 73,000 40,000 20,000 $ 133,000 Beginning goods in process For April 205,000 151,000 75,500 431,500 500,500 15,000 04,000 52,000 271,000 459,000 359,000 179,500 997,500 $ 859,500 Direct Materials 139,000 104,000 52,000 295,000 359,000 Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in Finished (sold) Finished (unsold) In process(Can you please also show me step-by-step how to compute beginning goods in process for Job 308?)

a.

Materials purchases (on credit).

b.

Direct materials used in production.

c. Direct labor paid and assigned to Work in Process Inventory.
d. Indirect labor paid and assigned to Factory Overhead.
e. Overhead costs applied to Work in Process Inventory.
f.

Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.)

g. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
h. Cost of goods sold for Job 306.
i. Revenue from the sale of Job 306.
j.

Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)

Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 123 4 5 67 8 Record the entry for Materials purchases (on credit) .. 13 Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journalPrepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process 0 Cost of goods manufactured 0

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