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

Question

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

Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The followi
Required information 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 307 Job 306 $ 27,000 21,000 10,500 137,000 102.000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 $ 42,000 17,000 8,500 200,000 154.000 $105,000 100.000 Finished (sold) Finished (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 $ 27,000 21,000 10,500 42,000 17,000 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 les 137.000 102,000 200,000 154,000 105,000 100,000 239,000 354,000 205,000 Finished (sold) Finished (unsold) In process

Answers

Job 306 Job 307 Job 308 April Total
From March
Direct Materials 27000 42000 69000
Direct Labor 21000 17000 38000
Applied overhead 10500 8500 19000
Beginning goods in process 58500 67500 0 126000
For April
Direct Materials 137000 200000 105000 442000
Direct Labor 102000 154000 100000 356000
Applied overhead 51000 77000 50000 178000
Total costs added in April 290000 431000 255000 976000
Total costs (April 30) 348500 498500 255000 1102000
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


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