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Resubmitted for easier viewing

Part 1

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Part 2

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Marcellno Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are S560.000. and factory payroll cost in April is S365.000. Overhead costs incurred in April are: indirect materials. S54.000: indirect labor, $26,000: factory rent. $32,000: 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 S685.000 cash in April. Costs of the three jobs worked on in April follow. 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). Materials purchases (on credit). Direct materials used in production. Direct labor paid and assigned to Work in Process Inventory. Indirect labor paid and assigned to Factory Overhead. Overhead costs applied to Work in Process Inventory. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) Transfer of Jobs 306 and 307 to Finished Goods Inventory. Cost of goods sold for Job 306. Revenue from the sale of Job 306. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) Prepare journal entries for the month of April to record the above transactions. Show how to present the inventories on the April 30 balance sheet. Prepare a schedule of cost of goods manufactured.

Explanation / Answer

Part 1:

As rest of the questions separately

Job 306 Job 307 Job 308 Total From March Direct material 28000 43000 71000 Direct Labor 22000 16000 38000 Applied Overheads 11000 8000 19000 Beginning goods in progress 61000 67000 128000 For April Direct material 133000 205000 100000 438000 Direct Labor 102000 151000 102000 355000 Applied Overheads 51000 75500 51000 177500 Total cost added in april 286000 431500 253000 970500 Status on April 30 Finished (sold) Finished (unsold) in process

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