Question

Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25,000; factory rent, $36,000; 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 $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 28,000 24,000 12,000 $ 37,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 133,000 100,000 215,000 152,000 $110,000 104,000 Finished (sold) Finished (unsold) In process

Answer 1

raw material $510000 Accounts Payable $570000 2) Work in progress $458000 Raw material inventory $458000 (3) Work in progrees 8356000 C $356000 Cash (4) Factory ouer head $25000 $25000 Work in progress $178000 factory overhead $178000 (50% of duect labor)

6) achay one head. $53000 Rauw matena $53000 inventay (7) Factory ouerhead 824000 Cash. $ 24000 8) Factory Overhead. $55000 Accumulated $55000 dep - factory I equupment 9 Factory overhead $36000 Pash. $36000 10) Finished Goods $849500 Wook in progreis $849500

22 23 24 LULU LI 29 30 11) Costof goods sold $347000 Finished goods. $347000 Cash $655000 Sales. $655000 12) 13 Cost of goods sold Pactay our head $15000 $15000. Note Cost of goods manufactuxed. $458000 D2 $35.000 Rachay que head applied $178000 21 SUNDAY $992000 Add- WIP dee (Beg) $123500 lest closing WIP ($266000) Cast of goods manufachse $849500