GL1501 - Based on Problem 15-1A Marcelino Company LO C2, P1, P2, P3, P4

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			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

General Journal tab - Prepare journal entries to record the transactions of Marcelino Company during the month of April.

Job Costs tab - Calculate the total cost, and account classification for each job worked on during April.

Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Marcelino Company during the month of April.

Gross Profit tab - Calculate the gross profit on the sale of job(s) during April

REQUIREMENTS

• General Journal
• General Ledger
• Trial Balance
• Job Costs
• Cost of Goods Mfg
• Gross Profit