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Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The follow
Problem 15-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production c. Direct labor paid and assi
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Solution 2:

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 $28,000.00 $43,000.00 $0.00 $71,000.00
Direct labor $24,000.00 $13,000.00 $0.00 $37,000.00
Applied overhead (50% of direct labor) $12,000.00 $6,500.00 $0.00 $18,500.00
Beginning Goods in Process $64,000.00 $62,500.00 $0.00 $126,500.00
For April:
Direct material $131,000.00 $200,000.00 $110,000.00 $441,000.00
Direct labor $103,000.00 $151,000.00 $101,000.00 $355,000.00
Applied overhead (50% of direct labor) $51,500.00 $75,500.00 $50,500.00 $177,500.00
Total Cost added in April $285,500.00 $426,500.00 $261,500.00 $973,500.00
Total Costs (April 30) $349,500.00 $489,000.00 $261,500.00 $1,100,000.00
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
Journal Entries - Marcelino Co
Event Particulars Debit Credit
a Raw material inventory Dr $530,000.00
             To Accounts Payable $530,000.00
(To record purchase of raw material)
b Work In Process Dr $441,000.00
             To Raw material inventory $441,000.00
(To record raw material used in production)
c Work In Process Dr $355,000.00
             To Cash $355,000.00
(To record direct labor payment and assigment to production)
d Factory overhead Dr $27,000.00
             To Cash $27,000.00
(To record Indirect labor payment and assigment to factory overhead)
e Work In Process Dr $177,500.00
             To Factory Overhead $177,500.00
(To apply overhead to production)
f1 Factory Overhead Dr $53,000.00
             To Raw material inventory $53,000.00
(To record indirect material used)
f2 Factory Overhead Dr $36,000.00
             To Cash $36,000.00
(To record factory rent)
f3 Factory Overhead Dr $22,000.00
             To Cash $22,000.00
(To record factory utilities)
f4 Factory Overhead Dr $52,000.00
             To Accumulated Depreciation $52,000.00
(To record factory depreciation)
g Finished goods inventory Dr $838,500.00
             To Work In Process $838,500.00
(Being completed jobs transferred to finished goods)
h Cost of goods sold Dr $349,500.00
             To Finished goods inventory $349,500.00
(To record cost of goods sold for Job 306)
i Cash Dr $635,000.00
             To Sales Revenue $635,000.00
(To record sales of Job 306)
j Cost of goods sold Dr $12,500.00
             To Factory Overhead ($190,000 - $177,500) $12,500.00
(To close underapplied overhead to COGS)
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