Question

Check my we Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 The following information applies to the questions displayed below) Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $40,000; factory utilities, $22,000, and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 31,000 24,000 12,000 $ 38,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 215,000 154,000 $105,000 101,000 132,000 102,000 ? Finished s old) (Hold) Status on April 30 Finished (unsold) (unsold) In process 4 5 6 7 of 7 Next >

Answer 1

Job 306 Job 307 Job 308 Totals $0 $31,000 $24,000 $12,000 $67,000 $38,000 $15,000 $7,500 $60,500 $ 69,000 $39,000 $19,500 $127,500 --> Total beginning WIP] $0 From March: Direct Materials Direct Labors Factory Overhead Beginning goods in process For April: Direct Materials Direct Labors Factory Overhead Total costs added in April $132,000 $102,000 $51,000 $285,000 $215,000 $154,000 $77,000 $446,000 $105,000 $101,000 $50,500 $256,500 $452,000 $357,000 $178,500 [Ref: NOTE] $987,500 Abbreviations used: $256,500 $1,115,000 COGS --> Cost of Goods Sold; Total costs (April 30) Status (April 30) $352,000 Finished (Sold) COGS $506,500 Finished (Unsold) F.G. In process F.G. --> Finished Goods; April 30 cost included in: WIP WIP --> Work In Process. NOTE: OH applied for Job 306 = $102000 x 50% = $51000; Job 307 = $154000 x 50% = $77000; Job 308 = $101000 x 50% = $50500.