Question

Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 31,000 23,000 11,500 $ 40,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 104,000 200,000 154,000 $120,000 104,000 2 Finished (sold) Finished (unsold) In process

Answer 1

Job Cost sheet

	Job 306	Job 307	Job 308	April Total
From march
direct material	31000	40000		71000
Direct labor	23000	16000		39000
Overhead	11500	8000		19500
Beginning goods in process	65500	64000		129500
For April
Direct material	139000	200000	120000	459000
Direct labor	104000	154000	104000	362000
Applied overhead	52000	77000	52000	181000
Total Cost added in April	295000	431000	276000	1002000
Total Cost April 30	360500	495000	276000	1131500
Status on April 30	Finished (sold)	Finished (unsold)	in process
April 30 Cost included in	Cost of goods sold under income statement	Finished goods inventory under balance sheet	Work in process inventory under balance sheet