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Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. 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. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 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 59 $ 27,000 23,000 11,500 135,000 101,000 ? Finished (sold) 27,000 23,000 11,500 135,000 101,000 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 307 236,000 Job 307 Finished (sold) $ 40,000 16,000 8,000 210,000 153,000 Finished (unsold) Job 308 $ $105,000 104,000 In process 40,000 16,000 8,000 210,000 153,000 363,000 Finished (unsold) Job 308 In process 105,000 104,000 209,000 April Total $ 67,000 39,000 19,500 0 $ S 450,000 358,000 0 808,000 0

Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. 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. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 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 59 $ 27,000 23,000 11,500 135,000 101,000 ? Finished (sold) 27,000 23,000 11,500 135,000 101,000 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 307 236,000 Job 307 Finished (sold) $ 40,000 16,000 8,000 210,000 153,000 Finished (unsold) Job 308 $ $105,000 104,000 In process 40,000 16,000 8,000 210,000 153,000 363,000 Finished (unsold) Job 308 In process 105,000 104,000 209,000 April Total $ 67,000 39,000 19,500 0 $ S 450,000 358,000 0 808,000 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. 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. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 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 $ 27,000 23,000 11,500 $ 135,000 101,000 ? Finished (sold) 27,000 23,000 11,500 135,000 101,000 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 306 236,000 Job 307 Finished (sold) $ 40,000 16,000 8,000 210,000 153,000 Finished (unsold) Job 308 $ $105,000 104,000 ? In process Job 307 40,000 16,000 8,000 210,000 153,000 363,000 Finished (unsold) Job 308 In process 105,000 104,000 209,000 April Total $ 67,000 39,000 19,500 0 $ $ 450,000 358,000 808,000 0
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $24,000; and factory equipment depreciation, $58,000. 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. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 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 $ 27,000 23,000 11,500 $ 135,000 101,000 ? Finished (sold) 27,000 23,000 11,500 135,000 101,000 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 306 236,000 Job 307 Finished (sold) $ 40,000 16,000 8,000 210,000 153,000 Finished (unsold) Job 308 $ $105,000 104,000 ? In process Job 307 40,000 16,000 8,000 210,000 153,000 363,000 Finished (unsold) Job 308 In process 105,000 104,000 209,000 April Total $ 67,000 39,000 19,500 0 $ $ 450,000 358,000 808,000 0
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