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Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory...

Required information

[The following information applies to the questions displayed below.]

Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow.

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 Job 308
Balances on March 31
Direct materials $ 29,000 $ 35,000
Direct labor 20,000 18,000
Applied overhead 10,000 9,000
Costs during April
Direct materials 135,000 220,000 $ 100,000
Direct labor 85,000 150,000 105,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) 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).

Job 306 Job 307 Job 308 April Total
From March
Direct Materials $29,000 $35,000 $64,000
Direct Labor 20,000 18,000 38,000
Applied overhead 10,000 9,000 19,000
Beginning goods in process
For April
Direct Materials 135,000 220,000 100,000 455,000
Direct Labor 85,000 150,000 105,000 340,000
Applied overhead
Total costs added in April
Total costs (April 30)
Status on April 30 Finished (sold) Finished (unsold) In process
April 30 cost included in:

Homework Answers

Answer #1
Job 306 Job 307 Job 308 April
1) total
From March
Direct materials 29,000 35,000 64,000
Direct labor 20,000 18,000 38,000
applied overhead 10,000 9,000 19,000
Beginning goods in process 59,000 62,000 121,000
For April
Direct materials 135,000 220,000 100,000 455,000
Direct labor 85,000 150,000 105,000 340,000
applied overhead 42500 75000 52500 170,000
Total costs added in April 262,500 445,000 257,500 965,000
total costs (April 30) 321,500 507,000 257,500 1,086,000
Satus on april 30 fin(sold) fin(unsold) in process
April costs included in : COGS finished WIP
goods
inventory
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