Question

Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $26,000; factory rent, $32,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow.  

(The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April factory payroll cost in April is $382,000. Overhead costs incurred in April are indirect materials, $26,000; factory rent, $32,000; factory utilities, $23,000, and factory equipment depreciation, predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in jobs worked on in April follow. Job 306 Job 307 Job 308 $ 25,000 24,000 12,000 $ 44,000 17,000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 102,000 215,000 152,000 $105,000 102,000 Finished (sold) Finished (unsold) In process

Answer 1

DATE 1 Gate Towinal entries Particulares Sesit Raw Materials Inventory Dil 5,60,000 To Accounts Tonyable hor_4,55,000 led WIP Sammantery. To Raw Material Inventory dr3,56,0.00 WIP Inventory 5,60,000 4,650.00 To Cash 3,53,000 (a Factory Carhead 26,000 To cash 22,000 Gr. 1,78,000 le) WIP In van tory To factory Overhead 1,78,000 footasy Drwerhead Porn 1720.00 von Fon Material Standing 53,000 32,000 To Accumulated Sepacietón- Eoquiparent 61,000 To Cash - Utilities 23,0.00 f Moscheel Goods Shwertes To WIP Inventory 8,-7.500 of Cost of Goods shald den 3,59,000 to Arushed Gocche Servandosen 3,5950o (1) Cash Bar 695,000 To saler 6,95,000 4 Cost of Goods sold 20,000 20,000 To factory Ovechead A 8,7,500

DATE of Cost ok Gools Manufactured Marcelino Company Cabeckenle Direct Material clean For more the besoled Epsil.3. 4,55,000 Dirent labour Used 3,56,000 Factory Chechend Applied 4, 8.0 Metal" Manctacturing Cost 4,89,000 (t) Work in Procas (Marso t. 30,500 Total cost of work in Process 1,19,500 ( (-) Work & Bocess (Apr.30. 258.000 Cost of Grand Mandartured $8,61,500 Groce Pancit too. Apeil 6,95000 359,000 (-) Cost of Good xold 20,00 © Undertapplied oversheed Gross Post $ 3,16,000 Inventories Few Materiale (640m+ 560001-455000-560) 1,33,000 Work in Proren 250,000 Frühed Google $22500 " Total Inventories $_909.500
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