Question

how do i calculate?

Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $20,000; factory rent, $35,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 30,000 22,000 11,000 $ 45,000 17,000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 104,000 215,000 151,000 $100,000 105,000 Finished (sold) Finished (unsold) In process 3. Prepare 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 Cost of goods manufactured

Answer 1

MARCELINO COMPANY Schedule of cost of Goods Manufactured for month Ended April 30 Direct materials used $ 452,000 Direct labor used $ 360,000 factory overhead applied $ 180,000 Total manufacturing costs $ 992,000 Add: work in process March 31 $ 133,500 Total cost of work in process $1,125,5oo Less: Work in process April 30 $ (251,500) Cost of goods manufactured $ 868,000

Calculation: April Total $ 75,000 $ 39,000 $ 19,500 $133, SOD Job 306 Job 307 Job 308 from March Direct Materials 1$ 30,000 $ 45,000 Direct Labor $ 22,000 $17,000 Applied overhead $ 11,000 & 8,500 Beginning goods in process & 63,000 $70,500 $0 for April Direct Materials $137,000 $ 215,000 $ 100,000 Direct Labor $164,000 $ 151,000 $ 105,000 Applied overhead $ 52,000 $75,500 $ 52,500 Total costs added in April $293,000 $441, SDO $ 257,500 Total costs (April 30 $356,000 $512,000 $257,500 status on April 30 Finished finished (sold) I Cunsold) In process April 30 cost included Cost of goods Finished work in sold goods Inventor process inventory # 452,000 + 360,000 $ 180,000 $992,000 $1,125,500 Calculation: Beginning goods in process = (Direct Materials + Direct labor + Applied overhead) Job 306 Beginning goods in provess = ($30,000 + $22,000 + $ 11,000) = $ 63,000 of Direct labor cost Applied overhead = 50% Job 306 : Applied over head = = 50% x $ 104,000 $ 52,000 Job 307 : Applied overhead = 50% * $ 151,000 - $ 75,500

Job 308 Applied over head a = 50% * $ 105,000 $ 52,500 April Total: Applied Overhead = - 50% * $360,000 $ 180,000 Total costs added in April - Direct Materials & Direct labor & Applied overhead for Job 306: Total costs added in April = $ 137,000 & $ 104,000+ $ 52,000 = $ 293,000 Total costs (April 30) = Beginning goods in process + Total costs added in April for Job 306 : Total costs = - & 63,000 + $293,000 $ 356,000 for Job 307: To tal costs = = $ 70,500 + & 441,500 $ 512,000