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Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. 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 306 Job 307 Job 308 Balances on March 31 $ 32,000 25,000 12,500 $ 37,000 16,000 8,000 Direct materials Direct labor Applied overhead Costs during April $105,000 102,000 Direct materials 138,000 104,000 215,000 151,000 Direct labor Applied overhead Finished (sold) Finished (unsold) In Status on April 30 process

Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. 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 306 Job 307 Job 308 Balances on March 31 $ 32,000 25,000 12,500 $ 37,000 16,000 8,000 Direct materials Direct labor Applied overhead Costs during April $105,000 102,000 Direct materials 138,000 104,000 215,000 151,000 Direct labor Applied overhead Finished (sold) Finished (unsold) In Status on April 30 process

Financial & Managerial Accounting
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter18: Process Cost Systems
Section: Chapter Questions
Problem 18.4CP
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Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. 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.

Problem 19-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. 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 306 Job 307 Job 308 Balances on March 31 $ 32,000 25,000 12,500 $ 37,000 16,000 8,000 Direct materials Direct labor Applied overhead Costs during April $105,000 102,000 Direct materials 138,000 215,000 Direct labor 104,000 151,000 Applied overhead Finished Finished In Status on April 30 (sold) (unsold) process
Transcribed Image Text:Problem 19-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $25,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. 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 306 Job 307 Job 308 Balances on March 31 $ 32,000 25,000 12,500 $ 37,000 16,000 8,000 Direct materials Direct labor Applied overhead Costs during April $105,000 102,000 Direct materials 138,000 215,000 Direct labor 104,000 151,000 Applied overhead Finished Finished In Status on April 30 (sold) (unsold) process
Problem 19-1A Part 3 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct labor used Direct materials used Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process $ 357,000 458,000 815,000 815,000 Less: Work in process April 30 Cost of goods manufactured $ 815,000
Transcribed Image Text:Problem 19-1A Part 3 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct labor used Direct materials used Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process $ 357,000 458,000 815,000 815,000 Less: Work in process April 30 Cost of goods manufactured $ 815,000
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