Question: marcelino cos march 31 inventory of raw materials is 85000...
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.
(Can you please also show me step-by-step how to compute beginning goods in process for Job 308?)
Materials purchases (on credit).
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.|
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.|
Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)