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

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Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following
Problem 15-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materi
Problem 15-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production c. Direct labor paid and assi
139,000 103,000 205,000 152,000 $110,000 103,000 Direct materials Direct labor Applied overhead Status on April 30 Finished (
PELLU In Status on April 30 Finished (sold) Finished (unsold) process Problem 15-1A Part 4 4-a. Compute gross profit for Apri
Problem 15-1A Part 4 oints 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 bala
Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $387.000. Overhead costs incurred in April are: indirect materials, $55,000 $29,000; factory rent, $34.000; factory utilities, $21,000; 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 $ 27,000 2 1,000 10,500 $ 41,000 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 30 139,000 103.000 205,000 152,000 $110,000 103,000 Finished (sold) Pinished (unsold) process Problem 15-1A Part 1 Required: 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
Problem 15-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total ca assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ 000 27,000 21.000 10,500 17,000 68,000 38.000 19,000 8.500 From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: 454.000 139,000 103,000 205,000 152,000 110,000 103,000 358.000 Finished (sold) Finished (unsold) In 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.) 9. 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 Goods 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 < 1 2 3 4 5 Record the entry for Materials purchases (on credit). Note: Enter debits before credits, Transaction General Journal Debit Credit 4 or 4
139,000 103,000 205,000 152,000 $110,000 103,000 Direct materials Direct labor Applied overhead Status on April 30 Finished (sold) Finished (unsold) process Problem 15-1A Part 3 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured
PELLU In Status on April 30 Finished (sold) Finished (unsold) process Problem 15-1A Part 4 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April Gross profit Required 4B >
Problem 15-1A Part 4 oints 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. eBook Complete this question by entering your answers in the tabs below. Required 4A Required 4B Print for Show how to present the inventories on the April 30 balance sheet. References Inventories Raw materials Work in process Finished goods Total inventories < Required 4A

Answers

1
Job 306 Job 307 Job 308 April Total
From March
Direct Materials 27000 41000 68000
Direct Labor 21000 17000 38000
Applied overhead 10500 8500 19000
Beginning goods in process 58500 66500 0 125000
For April
Direct Materials 139000 205000 110000 454000
Direct Labor 103000 152000 103000 358000
Applied overhead 51500 76000 51500 179000
Total costs added in April 293500 433000 264500 991000
Total costs (April 30) 352000 499500 264500 1116000
Status on April 30 Finished (sold) Finished (unsold) In process
April 30 cost included in: Cost of goods sold Finished goods inventory Goods in process inventory
2
Debit Credit
1 Raw materials inventory 530000
       Accounts Payable 530000
2 Work in Process inventory 454000
      Raw materials inventory 454000
3 Work in Process inventory 358000
        Cash 358000
4 Factory overhead 29000
        Cash 29000
5 Work in Process inventory 179000
        Factory overhead 179000
6 Factory overhead 55000
      Raw materials inventory 55000
7 Factory overhead 21000
        Cash 21000
8 Factory overhead 55000
       Accumulated depreciation
-factory equipment
55000
9 Factory overhead 34000
        Cash 34000
10 Finished goods inventory 851500
       Work in Process inventory 851500
11 Cost of goods sold 352000
       Finished goods inventory 352000
12 Cash 660000
            Sales 660000
13 Cost of goods sold 15000
        Factory overhead 15000
3
Schedule of cost of goods manufactured
For month ended April 30
Direct materials used 454000
Direct labor used 358000
Factory overhead applied 179000
Total manufacturing costs 991000
Add: Work in Process, March 31 125000
Total cost of work in Process 1116000
Less: Work in Process, April 30 264500
Cost of goods manufactured 851500
4A
Gross Profit 293000
4B
Inventories
Raw materials 107000 =86000+530000-454000-55000
Work in Process 264500
Finished goods 499500
Total inventories 871000
Workings:
Actual factory overhead:
Indirect materials 55000
Indirect labor 29000
Factory rent 34000
Factory utilities 21000
Factory depreciation equipment 55000
Actual factory overhead 194000
Applied overhead 179000
Underapplied overhead 15000
Sales 660000
Less: Cost of goods sold 352000
Less: Underapplied overhead 15000
Gross Profit 293000
.

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