Question

Please do all the journal entries all 1-13 it's all part of number 2

Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (The following information applies to the questions displayed below.) Part 2 of 4 Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. points eBook Job 306 Job 307 Job 308 Print $ 29,000 20,000 10,000 References $ 35,000 18,000 9,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 220,000 150,000 $100,000 105,000 135,000 85,000 ? Finished (sold) ? Finished (unsold) process Problem 02-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. Screenshot

Answer 1

		Debit	Credit
1	Raw materials inventory	500000
	Accounts Payable		500000
2	Work in Process inventory	455000
	Raw materials inventory		455000
3	Work in Process inventory	340000
	Cash		340000
4	Factory overhead	23000
	Cash		23000
5	Work in Process inventory	170000
	Factory overhead		170000
6	Factory overhead	50000
	Raw materials inventory		50000
7	Factory overhead	19000
	Cash		19000
8	Factory overhead	51000
	Accumulated depreciation- factory equipment		51000
9	Factory overhead	32000
	Cash		32000
10	Finished goods inventory	819500
	Work in Process inventory		819500
11	Cost of goods sold	312500
	Finished goods inventory		312500
12	Cash	635000
	Sales		635000
13	Cost of goods sold	5000
	Factory overhead		5000
Workings:
From March
Direct Materials	29000	35000		64000
Direct Labor	20000	18000		38000
Applied overhead	1000	9000		10000
Beginning goods in process	50000	62000	0	112000
For April
Direct Materials	135000	220000	100000	455000
Direct Labor	85000	150000	105000	340000
Applied overhead	42500	75000	52500	170000
Total costs added in April	262500	445000	257500	965000
Total costs (April 30)	312500	507000	257500	1077000
Status on April 30	Finished (sold)	Finished (unsold)	In process
April 30 cost included in:	Cost of goods sold	Finished goods inventory	Goods in process inventory
	Actual factory overhead:
	Indirect materials	50000
	Indirect labor	23000
	Factory rent	32000
	Factory utilities	19000
	Factory depreciation equipment	51000
	Actual factory overhead	175000
	Applied overhead	170000
	Underapplied overhead	5000