Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $34,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. 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 $ 31,000 $ 40,000 18,000 9,000 Direct labor 25,000 12,500 Applied overhead Costs during April Direct materials 137,000 103,000 215,000 151,000 $105,000 100,000 Direct labor Applied overhead ? Status on April 30 Finished Finished In (sold) (unsold) process

Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $34,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. 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 $ 31,000 $ 40,000 18,000 9,000 Direct labor 25,000 12,500 Applied overhead Costs during April Direct materials 137,000 103,000 215,000 151,000 $105,000 100,000 Direct labor Applied overhead ? Status on April 30 Finished Finished In (sold) (unsold) process

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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