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Connect | Secure I https://new connect.mheducation.com/flow/connect.html Ch Required information art 1 of 4 The following information applies to the questions displayed below. Marcelino Co's March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $33,000; factory utilities, $22,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April. Costs of the three jobs worked on in April follow. ints Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $ 26,e0e 25,800 12,599 37,00e 14,900 7,98e Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,e00 101,e060 215,88e $115,888 1e1,e08 151,000 Finished (sold) Finished (unsold) process Required: 1. 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). Job 306 Job 307 Job 308 April Total 1:49 PM O Type here to search 1117/2017

Explanation / Answer

Job 306

Job 307

Job 308

April Total

From March

Direct Materials

26000

37000

63000

Direct Labor

25,000

14,000

39000

Applied overhead

12,500

7,000

19500

Beginning goods in process

63500

58000

121500

For April

Direct Materials

1,32,000

2,15,000

1,15,000

462000

Direct Labor

1,01,000

1,51,000

1,01,000

353000

Applied overhead

50,500

75,500

50,500

176500

Total costs added in April

283500

441500

2,66,500

991500

Total costs (April 30)

347000

499500

266500

1113000

Status on April 30

Finished (sold)

Finished (unsold)

In process

April 30 cost included in:

Cost of goods sold

Finished goods inventory

Goods in process inventory

Job 306

Job 307

Job 308

April Total

From March

Direct Materials

26000

37000

63000

Direct Labor

25,000

14,000

39000

Applied overhead

12,500

7,000

19500

Beginning goods in process

63500

58000

121500

For April

Direct Materials

1,32,000

2,15,000

1,15,000

462000

Direct Labor

1,01,000

1,51,000

1,01,000

353000

Applied overhead

50,500

75,500

50,500

176500

Total costs added in April

283500

441500

2,66,500

991500

Total costs (April 30)

347000

499500

266500

1113000

Status on April 30

Finished (sold)

Finished (unsold)

In process

April 30 cost included in:

Cost of goods sold

Finished goods inventory

Goods in process inventory

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