GL1501 - Based on Problem 15-1A Marcelino Company LO C2, P1, P2,P3, P4
Marcelino Co.’s March 31 inventory of raw materials is $80,000.Raw materials purchases in April are $500,000, and factory payrollcost 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 equipmentdepreciation, $51,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $635,000 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 | | $ | 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 |
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General Journal tab - Prepare journalentries to record the transactions of Marcelino Company during themonth of April.
Job Costs tab - Calculate the totalcost, and account classification for each job worked on duringApril.
Cost of Goods Manufactured tab -Prepare a schedule of cost of goods manufactured for MarcelinoCompany during the month of April.
Gross Profit tab - Calculate the grossprofit on the sale of job(s) during April
REQUIREMENTS
- General Journal
- General Ledger
- Trial Balance
- Job Costs
- Cost of Goods Mfg
- Gross Profit
