Question

Required information [The following information applies to the questions displayed below.) ang lasing na Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $30,000; factory rent, $31,000; factory utilities, $19,000, and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow. Job 307 Job 308 $ 29,000 25,000 12,500 $ 35,000 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 30 135,000 103,000 220,000 152,000 $105,000 103,000 ? Finished (sold) Finished (unsold) In process

Answer 1

Job Cost sheet

	Job 306	Job 307	Job 308	April Total
From March
Direct material	29000	35000		64000
Direct labor	25000	17000		42000
Applied overhead	12500	8500		21000
Beginning goods in process	66500	60500		127000
For April
Direct material	135000	220000	105000	460000
Direct labor	103000	152000	103000	358000
Applied overhead	51500	76000	51500	179000
Total Costs added in April	289500	448000	259500	997000
Total Costs April 30	356000	508500	259500	1124000
Status on April 30	Finished (sold)	Finished (unsold)	In process
April 30 cost included in	Cost of goods sold under income statement	Finished goods inventory under balance sheet	Work in process inventory under balance sheet