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.] Ciolino Co's March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $460.000, and factory payroll cost in April is $257,000. Overhead costs incurred in April are: indirect materials, $25.000: indirect labor, $13.000; factory rent. $24.000: factory utilities, $14,000: and factory equipment depreciation. $27,400. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $390.000 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 $ 18.000 $ 20,000 Direct labor 19.000 6.000 Applied overhead 7,600 2.400 Costs during April Direct materials 105.000 150.000 $ 85.000 Direct labor 32.000 72.000 140.000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A 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 April Total From March S 18,000 S 20,000 s 38,000 Direct Materials Direct Labor 19,000 6,000 25,000 Applied overhead 7,600 2,400 10,000 S 0 105,000 150,000 85,000 340,000 32,000 72.000 140,000 244,000 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 April 30 cost included in: 0 137,000 222.000 225.000 584,000 s 0 Finished (sold) Finished (unsold) In process 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.] Ciolino Co's March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $460.000, and factory payroll cost in April is $257,000. Overhead costs incurred in April are: indirect materials, $25.000: indirect labor. $13,000; factory rent, $24,000; factory utilities. $14.000: and factory equipment depreciation. $27,400. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $390.000 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 $ 18.000 $ 20,000 Direct labor 19.000 6.000 Applied overhead 7,600 2.400 Costs during April Direct materials 105.000 150.000 $ 85,000 Direct labor 32.000 72.000 140.000 Applied overhead ? ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A Part 2 a. Materials purchases (on credit). factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.) b. Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory. c. Transfer of Jobs 306 and 307 to the Finished Goods Inventory. d. Cost of goods sold for Job 306. e. Revenue from the sale of Job 306. t. 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. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 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.] Ciolino Co.'s March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $460.000, and factory payroll cost in April is $257,000. Overhead costs incurred in April are: indirect materials, $25.000: indirect labor. $13.000; factory rent $24,000: factory utilities, $14,000: and factory equipment depreciation. $27,400. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $390.000 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 $ 18.000 $ 20.000 Direct labor 19.000 6.000 Applied overhead 7.600 2.400 Costs during April Direct materials 105,000 150.000 $ 85.000 Direct labor 32.000 72.000 140,000 Applied overhead ? ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A Part 3 3. Prepare a manufacturing statement for April (use a single line presentation for direct materials and show the details of overhead cost). CIOLINO COMPANY Manufacturing Statement For Month Ended April 30 Factory overhead Total factory overhead Total manufacturing costs Total cost of goods in process Cost of goods manufactured 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.] Ciolino Co's March 31 inventory of raw materials is $120,000. Raw materials purchases in April are $460.000, and factory payroll cost in April is $257.000. Overhead costs incurred in April are: indirect materials, $25.000: indirect labor. $13.000; factory rent $24,000: factory utilities, $14,000: and factory equipment depreciation. $27,400. The predetermined overhead rate is 40% of direct labor cost. Job 306 is sold for $390.000 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 $ 18.000 $ 20,000 Direct labor 19.000 6.000 Applied overhead 7,600 2.400 Costs during April Direct materials 105.000 150.000 $ 85,000 Direct labor 32,000 72.000 140.000 Applied overhead ? ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 19-1A Part 4 4.1 Compute gross profit for April. 4.2 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Goods in process Finished goods Total inventories