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materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status onFinishedFinished April 30 (sold) (unsold) 25,000 12,500 138,000 101,000 ? In process 14,000 7,000 200,000 $115,000 152,000 104,000 ? ?

materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status onFinishedFinished April 30 (sold) (unsold) 25,000 12,500 138,000 101,000 ? In process 14,000 7,000 200,000 $115,000 152,000 104,000 ? ?

FINANCIAL ACCOUNTING
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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Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $20,000; factory rent, $32,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 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 Job 306 Job 307 Job 308 $ 27,000 25,000 12,500 Status on FinishedFinished April 30 (sold) (unsold) 138,000 101,000 ? In process $ 40,000 14,000 7,000 3. Prepare a schedule of cost of goods manufactured. 200,000 $115,000 152,000 104,000 ? ?
Transcribed Image Text:Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $20,000; factory rent, $32,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 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 Job 306 Job 307 Job 308 $ 27,000 25,000 12,500 Status on FinishedFinished April 30 (sold) (unsold) 138,000 101,000 ? In process $ 40,000 14,000 7,000 3. Prepare a schedule of cost of goods manufactured. 200,000 $115,000 152,000 104,000 ? ?
2 MARCELINO COMPANY Schedule of Cost of Goods Manufac For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured $
Transcribed Image Text:2 MARCELINO COMPANY Schedule of Cost of Goods Manufac For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured $
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