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 $120,000 104,000 139,000 104,000 ? Finished (sold) Finished 200,000 154,000 ? Finished (unsold) Finished In process in

Answer 1

Solution:

E E AR SK 7 10 11 12 13 14 15 16 Marcelino company Schedule of cost of goods manufactured For the month ended April 30 Particulars Direct material(139000+200000*120000) Direct labor(104000+154000+104000) Applied overhead (50% of DL Cost) Total manufacturing costs Add: Beginning WIP Total cost of work in process Less: Ending WIP(120000+104000+104000*50%) Cost of goods manufactured 17 Amount $459,000 $362,000 $181,000 $1,002,000 $129,500 $1,131,500 $276,000 $855,500 18 19 20 21 22 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 t62 (3) Sheet147 Sheet583 (5) ) Sheet254 Sheet257