Req 2 | Transaction | General Journal | Debit | Credit |
a. | Raw Material Inventory | 500,000 | ||
Accounts Payable | 500,000 | |||
b. | Work in process Inventory | 446,000 | ||
Raw material Inventory | 446,000 | |||
c. | Work in process Inventory | 360,000 | ||
Cash | 360,000 | |||
d. | Factory Overhead | 25,000 | ||
Cash | 25,000 | |||
e. | Work in process Inventory | 180,000 | ||
Factory Overhead | 180,000 | |||
f-1. | Factory Overhead | 57,000 | ||
Raw material Inventory | 57,000 | |||
f-2. | Factory Overhead | 20,000 | ||
Cash | 20,000 | |||
f-3. | Factory Overhead | 52,000 | ||
Accumulated Dep-Factory Equipment | 52,000 | |||
f-4. | Factory Overhead | 37,000 | ||
Cash | 37,000 | |||
g. | Finished Goods Inventory | 848,000 | ||
Work in process inventory | 848,000 | |||
h. | Cost of goods sold | 350,000 | ||
Finished Goods inventory | 350,000 | |||
i. | Cash | 665,000 | ||
Sales | 665,000 | |||
j. | Cost of goods sold | 11,000 | ||
Factory Overhead | 11,000 | |||
Req 3 | Marcelino Company | |||
Schedule of Cost of Goods Manufactured | ||||
Direct Material used | 446,000 | |||
Direct labor used | 360,000 | |||
Factory OH applied | 180,000 | |||
Total manufacturing cost | 986,000 | |||
Add: WIP Beg | 124,500 | |||
Total cost of WIP | 1,110,500 | |||
Less: WIP Ending | (262,500) | |||
Cost of goods manufactured | 848,000 | |||
Req 4.1 | ||||
Sales | 665,000 | |||
Less: Cost of goods sold | (361,000) | |||
Gross profit | 304,000 | |||
Req 4.2 | Inventories | |||
Raw materials | 79,000 | |||
Goods in process | 262,500 | |||
Finished goods | 498,000 | |||
Total inventories | 839,500 |
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 $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $24,000, and factory equipment depreciation, $55,000. 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 $80,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $376,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $21,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 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 $85.000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $383,000. Overhead costs incurred in Aprilare: indirect materials, $59,000; indirect labor $24,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the...
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 $88,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $389,000. Overhead costs incurred in April are: indirect materials, $51,000; Indirect labor, $27,000; factory rent, $39,000; factory utilities, $20,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
Prepare journal entries for the month of April to record the above transactions 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 $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...
[The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $26,000; factory rent, $39,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $38,000 9.500 54,000 58,000 18.700 33,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
2. Prepare journal entries for the month of April to record the above transactions 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 $600,000, and factory payroll cost in April is $385,000. Overhead costs incurred in Aprilare: indirect materials, $55,000; indirect labor, $22,000; factory rent, $33,000; factory utilities. $23,000; and facto ctory utilities. $23,000: and factory equipment depreciation, $57,000. The predetermined overhead...