Question

3. Prepare a schedule of cost of goods manufactured

Saved Required information [The following information applies to the questions displayed below.) Marcelino Cols March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $385.000. Overhead costs incurred in April are: indirect materials, $55,000; Indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 26,000 21,000 10,500 42.000 18,000 9.000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 136,000 104,000 200,000 155,000 $105,000 104.000 Pinished (sold) Finished Cunsold) proces 3. Prepare a schedule of cost of goods manufactured MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended Apr 30 Total manicuring costs Total cost of work in process Cost of goods manufactured $ 0

Answer 1

3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used Direct labor used Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process Less: Work in process April 30 Cost of goods manufactured $441,000 363,000 181,500 985,500 126,500 1,112,000 261,000 $851,000 Explanation: For April - Applied overhead Total $363,000 Direct labor cost Job 306 $104,000 * 50% of direct labor cost $52,000 Job 307 Job 308 $155,000 $104,000 * 50% of direct labor ~ 50% of direct labor cost cost $77,500 $52,000 * Predetermined overhead rate Applied overhead $181,500

Job 306 Job 307 Job 308 April Total $26,000 21,000 10,500 $57,500 $42,000 18,000 9,000 $69,000 $68,000 39,000 19,500 $126,500 $0 From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: 136,000 104.000 52,000 292,000 $349,500) Finished (sold) 200,000 155,000 77,500 432,500 $501,500 Finished (unsold) Finished goods inventory 105,000 104,000 52,000 261,000 $261,000 In process Work in process inventory 441,000 363,000 181,500 985,500 $1,112,000) Cost of goods sold