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Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are...

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Accounting

Marcelino Co.'s March 31 inventory of raw materials is $81,000.Raw materials purchases in April are $590,000, and factory payrollcost in April is $386,000. Overhead costs incurred in April are:indirect materials, $57,000; indirect labor, $26,000; factory rent,$40,000; factory utilities, $20,000; and factory equipmentdepreciation, $58,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $645,000 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 labor25,00017,000
Applied overhead12,5008,500
Costs during April
Direct materials135,000205,000$115,000
Direct labor104,000152,000104,000
Applied overhead???
Status on April 30Finished (sold)Finished (unsold)In process

MARCELINO COMPANYSchedule of Cost of Goods ManufacturedFor MonthEnded April 30Total manufacturing costs0Total cost of work inprocess0Cost of goods manufactured$0

Answer & Explanation Solved by verified expert
3.6 Ratings (610 Votes)

Job 306 Job 307 Job 308 April Total
From March
Direct Materials $     28,000 $    39,000 $       67,000
Direct Labor $     25,000 $    17,000 $       42,000
Applied Overheads $     12,500 $       8,500 $       21,000
Beginning goods in process $     65,500 $    64,500 0 $   1,30,000
For April
Direct Materials $ 1,35,000 $ 2,05,000 $ 1,15,000 $   4,55,000
Direct Labor $ 1,04,000 $ 1,52,000 $ 1,04,000 $   3,60,000
Applied Overheads $     52,000 $    76,000 $     52,000 $   1,80,000
Total cost added in April $ 2,91,000 $ 4,33,000 $ 2,71,000 $   9,95,000
Total cost (April 30) $ 3,56,500 $ 4,97,500 $ 2,71,000 $ 11,25,000
Status on April 30 Finished (sold) Finished (unsold) In process
April 30 cost included in : Cost of goods sold Finished goods inventory Work in process inventory
Notes :
For April
Applied Overheads = Direct Labor X 50%
Total cost (April 30) = Beginning goods in process + Total cost added in April

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