Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306Job 307Job 308 Balances on March 31 Direct materials $28,000 $39,000 Direct labor 22,000 19,000 Applied overhead 11,000 9,500 Costs during April Direct materials 132,000 210,000 $115,000 Direct labor 104,000 154,000 103,000 Applied overhead ? ? ? Status on April 30Finished (sold)Finished (unsold) In process 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANYSchedule of Cost of Goods ManufacturedFor Month Ended April 30 Total manufacturing costs0 Total cost of work in process0 Cost of goods manufactured$0

Cost of Goods Manufactured It is the production costs of the goods that were completed during an…

Answered: Prepare a schedule of cost of goods…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $22,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 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		$	28,000		$	39,000
Direct labor			22,000			19,000
Applied overhead			11,000			9,500
Costs during April
Direct materials			132,000			210,000	$	115,000
Direct labor			104,000			154,000		103,000
Applied overhead			?			?		?
Status on April 30	Finished (sold)	Finished (unsold)		In process

3. Prepare a schedule of cost of goods manufactured.

MARCELINO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30



Total manufacturing costs	0

Total cost of work in process	0

Cost of goods manufactured	$0

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions