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Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, \$14,000; direct labor. $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. How much total cost is transferred to finished goods during June? Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. :quired: Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total co signed to each job (including the balances from March 31). Requlred Information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. o. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306 . I. Revenue from the sale of Job 306 . J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. Required information [The following information applles to the questions alsplayed below.] Marcelino Co.'s March 31 imventory of raw materlals is \$85,000. Raw materlals purchases In April are \$530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: Indirect materlals, $52,000; Indirect labor, $25,000; factory rent, $35,000; factory utilitles, $21,000; and factory equipment depreclation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three Jobs worked on in April follow. 3. Prepare a schedule of cost of goods manufactured. Required information [The following information applles to the questions alsplayed below.] Marcelino Co.'s March 31 irventory of raw materlals is \$85,000. Raw materlals purchases In April are \$530,000, and factory payroll cost in April is \$386,000. Overhead costs incurred in April are: Indirect materlals, \$52000; Indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreclation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three Jobs worked on in April follow. 4-a. Compute gross profit for April. 4-b. Show how to present the Inventorles on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how to present the inventories on the April 30 balance sheet. Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $14,000; direct labor. $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were use indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate di not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June fo each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs. As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, \$14,000; direct labor, $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Using the accumulated costs of the jobs, what predetermined overhead rate is used? Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, \$14,000; direct labor. $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. How much total cost is transferred to finished goods during June? Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. :quired: Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total co signed to each job (including the balances from March 31). Requlred Information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. o. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306 . I. Revenue from the sale of Job 306 . J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. Required information [The following information applles to the questions alsplayed below.] Marcelino Co.'s March 31 imventory of raw materlals is \$85,000. Raw materlals purchases In April are \$530,000, and factory payroll cost in April is $386,000. Overhead costs incurred in April are: Indirect materlals, $52,000; Indirect labor, $25,000; factory rent, $35,000; factory utilitles, $21,000; and factory equipment depreclation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three Jobs worked on in April follow. 3. Prepare a schedule of cost of goods manufactured. Required information [The following information applles to the questions alsplayed below.] Marcelino Co.'s March 31 irventory of raw materlals is \$85,000. Raw materlals purchases In April are \$530,000, and factory payroll cost in April is \$386,000. Overhead costs incurred in April are: Indirect materlals, \$52000; Indirect labor, $25,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreclation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three Jobs worked on in April follow. 4-a. Compute gross profit for April. 4-b. Show how to present the Inventorles on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how to present the inventories on the April 30 balance sheet. Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $14,000; direct labor. $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were use indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate di not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June fo each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs. As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs. Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, \$14,000; direct labor, $3,800; and overhead, $1,786. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company's predetermined overhead rate did not change across these months.) 1\&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs? 3. Using the accumulated costs of the jobs, what predetermined overhead rate is used? 4. How much total cost is transferred to finished goods during June? Complete this question by entering your answers in the tabs below. Using the accumulated costs of the jobs, what predetermined overhead rate is used

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