Business, 05.05.2020 20:20 dfrtgyuhijfghj4794
Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are
$500,000, and factory payroll cost 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
equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct 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 42,500 75,000 52,500
Status on April 30 Finished (sold) Finished (unsold) In process
- Prepare journal entries to record the transactions of Marcelino Company during the month of April.
- Calculate the total cost, and account classification for each job worked on during April.
- Prepare a schedule of cost of goods manufactured for Marcelino Company during the month of April.
- Calculate the gross profit on the sale of job(s) during April.
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Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are...
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