5 ert 4 of 4 2 P1 P2 P3 P4 Problem 191A Production costs com

5 ert 4 of 4 2, P1, P2, P3, P4 Problem 19-1A Production costs computed and recorded; reports prepared LO C 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 $387000, Overhead costs incurred in April are: indirect mater $29,000; factory r ints ent, $36,000; f utilities, $23.000 and factory equipment depreciation, $54,000. The edetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow ob 3e6 Job 307 3ob 308 Balances on March 31 Direct materials Direct labor Applied overhead 31,000 $ 36,000 15,000 7,500 23,008 11,500 Costs during April 131,000 101,000 285,000 $105,000 153,000 104,000 Direct labor Applied overhead Status on Apri1 30 Find shedPinished (unsold) In process

Solution

Finished and sold for 655000, job 306 = 31000+23000+11500+131000+101000+50500=348000 Finished and unsold job 307 = 36000+15000+7500+205000+151000+75500= 490000 In process job 308 = 105000+104000+52000= 261000 4.2 Gross Profit 655000 - 348000 307000 4.3 Inventories: RM 84000+530000-441000-50000=123000 WIP 261000 FG 490000 Total Inventories 874000