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Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $381,000 Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 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 $ 32,000 $ 44,000 Direct labor 21,000 13,000 Applied overhead 10,500 6,500 Costs during April Direct materials 134,000 215,000 $ 105,000 Direct labor 104,000 150,000 101,000 Applied overhead Finished Finished Status on April 30 (sold) (unsold) process 2 2 2 In Problem 02-1A 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). Answer is not complete. Job 306 Job 307 Job 308 April Total $ $ 32,000 21,000 10,500 63,500 44,000 13,000 6,500 63,500 76,000 34,000 17,000 127,000 $ 0 $ 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 134,000 104,000 52,000 290,000 215,000 150,000 75,000 440,000 105,000 101,000 50,500 256,500 454,000 355,000 177,500 986,500 Total costs (April 30) 256,500 $ 256,500 Status on April 30 April 30 cost included in: Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory Problem 02-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. i. Revenue from the sale of Job 306. j. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions Answer is not complete. General Journal No Transaction Debit Credit 1 a. Raw materials inventory Accounts payable 2 b. Work in process inventory Raw materials inventory 3 C. Work in process inventory Cash 4 d. Factory overhead Cash 5 e. Work in process inventory Factory overhead 6 f(1) Factory overhead Raw materials inventory 7 f(2) Factory overhead Cash 8 f(3) Factory overhead Accumulated depreciation-factory equipment 9 f(4). Factory overhead Cash 10 9 Finished goods inventory Work in process inventory 11 h. Cost of goods sold Finished goods inventory 12 i. Cash Sales 13 j. Cost of goods sold Factory overhead Problem 02-1A Part 3 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used Direct labor used 0 Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process Less: Work in process April 30 Cost of goods manufactured 0 $ 0 Problem 02-1A Part 4 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April. Gross profit Problem 02-1A Part 4 4-a. Compute gross profit for April. 4-6. Show how to present the inventories on the April 30 balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0