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Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The...

Question:

Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following information applie
Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 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 $560,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $29,000; factory rent, $30,000; factory utilities, $22,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 $ 27,000 21.000 10.500 $ 42.000 17.000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 102,000 200,000 154,000 $105,000 100,000 Finished (sold) Finished (unsold) process Problem 15-1A Part 2 a. 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. 1. Revenue from the sale of Job 306. J. Assignment of any underapplied or overapplied overhead to the Cost of Good Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions View transaction list Journal entry worksheet

Answers

Job 306 Job 307 Job 308 April
1) total
From March
Direct materials 27,000 42,000 0 69,000
Direct labor 21,000 17,000 0 38,000
applied overhead 10,500 8,500 0 19,000
Beginning goods in process 58,500 67,500 0 126,000
For April
Direct materials 137,000 200,000 105,000 442,000
Direct labor 102,000 154,000 100,000 356,000
applied overhead 51000 77000 50000 178,000
Total costs added in April 290,000 431,000 255,000 976,000
total costs (April 30) 348,500 498,500 255,000 1,102,000
Satus on april 30 fin(sold) fin(unsold) in process
April costs included in : COGS finished WIP
goods
inventory
2) TR General journal Debit Credit
a. Raw materials inventory 560,000
Accounts payable 560,000
b. Work in process inventory 442,000
Raw materials inventory 442,000
c. Work in process inventory 356,000
Cash 356,000
d. Factory overhead 29,000
cash 29,000
e. Work in process inventory 178,000
Factory overhead 178,000
f. Factory overhead 164,000
Raw materials inventory 58,000
Cash 52,000
Accumulated Depreciation 54,000
g. finished goods inventory 847,000
Work in process inventory 847,000
h. Cost of goods sold 348,500
finished goods inventory 348,500
i. Cash 630,000
sales 630,000
j. cost of goods sold 15,000
Factory overhead 15,000
.

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