Required information
[The following information applies to the questions
displayed below.]
Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw
materials purchases in April are $580,000, and factory payroll cost
in April is $385,000. Overhead costs incurred in April are:
indirect materials, $59,000; indirect labor, $28,000; factory rent,
$33,000; factory utilities, $21,000; and factory equipment
depreciation, $52,000. 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.
Job 306 | Job 307 | Job 308 | ||||||||||
Balances on March 31 | ||||||||||||
Direct materials | $ | 26,000 | $ | 40,000 | ||||||||
Direct labor | 22,000 | 15,000 | ||||||||||
Applied overhead | 11,000 | 7,500 | ||||||||||
Costs during April | ||||||||||||
Direct materials | 132,000 | 215,000 | $ | 110,000 | ||||||||
Direct labor | 102,000 | 153,000 | 102,000 | |||||||||
Applied overhead | ? | ? | ? | |||||||||
Status on April 30 | Finished (sold) | Finished (unsold) | In process | |||||||||
rev: 03_14_2018_QC_CS-121813
2. Prepare journal entries for the month of April
to record the above transactions.
Job 306 | Job 307 | Job 308 | April | |||||
1) | total | |||||||
From March | ||||||||
Direct materials | 26,000 | 40,000 | 0 | 66,000 | ||||
Direct labor | 22,000 | 15,000 | 0 | 37,000 | ||||
applied overhead | 11,000 | 7,500 | 0 | 18,500 | ||||
Beginning goods in process | 59,000 | 62,500 | 0 | 121,500 | ||||
For April | ||||||||
Direct materials | 132,000 | 215,000 | 110,000 | 457,000 | ||||
Direct labor | 102,000 | 153,000 | 102,000 | 357,000 | ||||
applied overhead | 51000 | 76500 | 51000 | 178,500 | ||||
Total costs added in April | 285,000 | 444,500 | 263,000 | 992,500 | ||||
total costs (April 30) | 344,000 | 507,000 | 263,000 | 1,114,000 | ||||
Satus on april 30 | fin(sold) | fin(unsold) | in process | |||||
April costs included in : | COGS | finished | WIP | |||||
goods | ||||||||
inventory | ||||||||
2) | TR | General journal | Debit | Credit | ||||
a. | Raw materials inventory | 580,000 | ||||||
Accounts payable | 580,000 | |||||||
b. | Work in process inventory | 457,000 | ||||||
Raw materials inventory | 457,000 | |||||||
c. | Work in process inventory | 357,000 | ||||||
Cash | 357,000 | |||||||
d. | Factory overhead | 28,000 | ||||||
cash | 28,000 | |||||||
e. | Factory overhead | 178,500 | ||||||
work in process inventory | 178,500 | |||||||
f. | Factory overhead | 165,000 | ||||||
Raw materials inventory | 59,000 | |||||||
Cash | 54,000 | |||||||
Accumulated Depreciation | 52,000 | |||||||
g. | finished goods inventory | 851,000 | ||||||
Work in process inventory | 851,000 | |||||||
h. | Cost of goods sold | 344,000 | ||||||
finished goods inventory | 344,000 | |||||||
i. | Cash | 635,000 | ||||||
sales | 635,000 | |||||||
j. | cost of goods sold | 14,500 | ||||||
Factory overhead | 14,500 | |||||||
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory...
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 $500,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $36,000; factory utilities, $19,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of...
Required information The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $30,000; factory rent, $31,000; factory utilities, $19,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] 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...
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 $520,000, and factory payroll cost in April is $386.000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $27.000; factory rent, $35.000; factory utilities, $20,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of...
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 $500,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $37,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.] 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...
Required information The following information applies to the questions displayed below] Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $600,000, 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, $55,000. The predetermined overhead rate is 50 % of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs...
Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $28,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $83,000. 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, $56,000; indirect labor, $28,000; factory rent, $30,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of...
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