Required information The following information applies to the questions displaye

Question

Required information The following information applies to the questions displayed below Marcelino Co's March 31 inventory of raw materials is $84.000. Raw materials purchases in April are $560.000, and factory payroll cost in April is $391,000. Overhead costs incurred in April are: i $28000: factory rent, $40.000: factory utilities, $23.000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow ndirect materials, $59.000; indirect labor, Job 306 Job 387 Ob 308 Balances on March 31 Direct materials Direct labor Applied overhead $30,e00 43,e00 17,000 8,500 28,800 18,800 Costs during April Direct materials Direct labor Applied overhead Status on April 30 139,000 164,880 200,000 $105,000 155,800 104,800 Finished (sold) Finished In (unsold) process a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including Indirect materials.(Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306 i. Revenue from the sale of Job 306.

Explanation / Answer

Marcelino Date/S.N. Account title & Explanation Debit Credit Amount in $ Amount in $ Job 306 Job 307 Job 308 a Raw Material Inventory 560000 Bal. on March 31 Accounts payable 560000 Direct Materials 30000 43000 Direct Labor 20000 17000 b Work In process Inventory 444000 Applied Overhead 10000 8500 Raw Material Inventory 444000 Cost during April Direct Materials 139000 200000 105000 c Direct Labor wages 363000 Direct Labor 104000 155000 104000 Cash 363000 Applied Overhead 52000 77500 52000 Work In process Inventory 363000 Total cost on April 30 355000 501000 261000 Direct Labor Wages 363000 Status on April 30 Finished Finished Status on April 30 Sold Unsold d Indirect labor Wages 28000 Cash 28000 Factory Overhead 28000 Indirect labor Wages 28000 e Work in process Inventory 181500 Factory Overhead 181500 f Factory Overhead 182000 Indirect Material 59000 Factory Rent 40000 Factory utilities 23000 Factory Equipment Depreciation 60000 Factory Rent 40000 Factory utilities 23000 Cash 63000 Factory Equipment Depreciation 60000 Accumulated depreciation Equipment 60000 g Finished goods Inventory 856000 Work in process Inventory 856000 h Cost of goods sold 355000 Finished goods Inventory 355000 Costing Profit & Loss 355000 Cost of goods sold 355000 i Accounts Receivable 695000 Revenue from sales 695000 Revenue from Sales 695000 Costing Profit & Loss 695000

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