Question

Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are...

Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 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
Direct labor 21,000 14,000
Applied overhead 10,500 7,000
Costs during April
Direct materials 136,000 200,000 $ 120,000
Direct labor 103,000 153,000 103,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process


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 $31,000 $40,000 $71,000
Direct Labor 21,000 14,000 35,000
Applied overhead 10,500 7,000 17,500
Beginning goods in process $62,500 $61,000 $123,500
For April
Direct Materials 136,000 200,000 120,000 456,000
Direct Labor 103,000 153,000 103,000 359,000
Applied overhead 0
Total costs added in April 239,000 353,000 223,000 815,000
Total costs (April 30) $0
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 Total
From March
Direct Materials 31,000 40,000 71,000
Direct Labor 21,000 14,000 35,000
Applied overhead 10,500 7,000 17,500
Beginning goods in process 62,500 61,000 1,23,500
For April
Direct Materials 1,36,000 2,00,000 1,20,000 4,56,000
Direct Labor 1,03,000 1,53,000 1,03,000 3,59,000
Applied overhead 51500 76500 51500 179500
Total costs added in April 2,39,000 3,53,000 2,23,000 8,15,000
Total costs (April 30) 3,01,500 4,14,000 2,23,000 9,38,500
Status on April 30 Finished (sold) Finished (unsold) In process


Applied overhead= 50% of direct labor cost

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