Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $500,000, and facto

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Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 1 (36.38 KiB) Viewed 10 times

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 2 (28.98 KiB) Viewed 10 times

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 3 (18.86 KiB) Viewed 10 times

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 4 (33.79 KiB) Viewed 10 times

Prepare journal entries for the following

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 5 (86.11 KiB) Viewed 10 times

Prepare a schedule of cost of goods manufactured

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 6 (78.64 KiB) Viewed 10 times

Compute gross profit for April
Show how to present the inventories on the April 30
balance sheet

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 7 (64.31 KiB) Viewed 10 times

Marcelino Co S March 31 Inventory Of Raw Materials Is 82 000 Raw Materials Purchases In April Are 500 000 And Facto 8 (71.39 KiB) Viewed 10 times

Marcelino Co.'s March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $22,000; factory rent, $39,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308

Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 Job 306 $ 26,000 24,000 12,000 134,000 101,000 ? Finished (sold) Job 307 $ 44,000 14,000 7,000 205,000 155,000 Finished (unsold) Job 308 $110,000 105,000 ? In 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).

Required information From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in $ Job 306 26,000 24,000 12,000 134,000 101,000 235,000 Finished (sold) $ Job 307 44,000 14,000 7,000 205,000 155,000 360,000 Finished (unsold) Job 308 In process 110,000 105,000 215,000 April Total $70,000 30,000 19,000 of S $ 449,000 361,000 0 810,000

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. j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions.

1. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured

4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question b Required 4A Required 4B Compute gross profit for Apr Gross profit

4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question b Required 4A Required 4B Show how to present the inv Inventories Raw materials Work in process Finished goods Total inventories