Question

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 Aprilare 5580.000 and factory payroll cost in April is $384.000. Overhead costs incurred in April are indirect materials, S53,000, indirect labor, $28.000; factory rent $37000 factory utilities. $21.000, and factory equipment depreciation, $53000. 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 06 Job 307 Job 308 Balances on March 31 Direct materials $ 25,000 24,000 12,00 $39,000 17.000 8,500 Aplied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 134,00 102,000 220,000 152.000 $105,000 102,000 Finished (sold) Finished (unsold) In process Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job including the balances from March 31 Job 306 Job 307 Job 308 April Total From March Costs during April Direct water als Direct labor Applied overhead Status on April 30 134.00 102,000 220,000 152.000 $105,000 102.000 Finished (solo) Finished (unsold) In process Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total s 25 000 $ 54,000 1000 24 000 12.000 20.500 Durances From March Direct Material Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 220 000 105 000 134000 102.000 450.000 355.000 152.000 102 000 236000 372 000 207 000 Total costs (April 30) Status on April 30 Finished (sold) Finished unsoldi April 30 cost included in

Answer 1

Solution:

Computation of production cost incurred in april and total cost assigned to each job
Particulars	Job 306	Job 307	Job 308	Total
From March:
Direct material	$25,000.00	$39,000.00	$0.00	$64,000.00
Direct labor	$24,000.00	$17,000.00	$0.00	$41,000.00
Applied overhead (50% of direct labor)	$12,000.00	$8,500.00	$0.00	$20,500.00
Beginning Goods in Process	$61,000.00	$64,500.00	$0.00	$125,500.00
For April:
Direct material	$134,000.00	$220,000.00	$105,000.00	$459,000.00
Direct labor	$102,000.00	$152,000.00	$102,000.00	$356,000.00
Applied overhead (50% of direct labor)	$51,000.00	$76,000.00	$51,000.00	$178,000.00
Total Cost added in April	$287,000.00	$448,000.00	$258,000.00	$993,000.00
Total Costs (April 30)	$348,000.00	$512,500.00	$258,000.00	$1,118,500.00
Status on April 30	Finished (Sold)	Finished (Unsold)	In Process
April 30 cost included in	Cost of goods sold	Finished goods inventory	Work In Process Inventory