2 Required information Problem 191A Production costs compute

2 Required information Problem 19-1A 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 $84,000. 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, $50,000, indirect labor, $29,000; factory rent,$ predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for S655000 cash in April. Costs of the three jobs worked on in April follow. points factory utilities, $23,000, and factory equipment depreciation, $54,000. The Job 306 Job 307 ob 308 Direct materials Direct Labor Applied overhead 31,000 36,00e 23,000 11,500 15,000 7,500 Costs during April Direct materials Direct labor Applied overhead 131,000 205,000 $105,00e 101,000 000 104,000 nFinished In process sold)( Status on April 30 (unsold)

Solution

Job 306 Job 307 Job 308 April Total From March Direct Materials 31000 36000 67000 Direct Labor 23000 15000 38000 Applied overhead 11500 7500 19000 Beginning goods in process 65500 58500 124000 For April Direct Materials 131000 205000 105000 441000 Direct Labor 101000 153000 104000 358000 Applied overhead 50500 76500 52000 179000 Total costs added in April 282500 434500 261000 978000 Total costs (April 30) 348000 493000 261000 1102000 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