Respuesta :
Answer:
Marcelino Co.
a. The total of each production cost incurred for April:
Direct materials $454,000
Direct labor 357,000
Applied overhead 178,500
The total cost assigned to each job:
Job 306 Job 307 Job 308
Total cost of production $358,000 $490,000 $271,000
b. Journal Entries for the month of April:
Debit Work in Process:
Job 306 $139,000
Job 307 $200,000
Job 308 $115,000
Credit Raw Materials $454,000
To record the raw materials used in production.
Debit Work in Process:
Job 306 $103,000
Job 307 $150,000
Job 308 $104,000
Credit Payroll $357,000
To record the direct labor costs.
Debit Work in Process:
Job 306 $51,500
Job 307 $75,000
Job 308 $52,000
Credit Manufacturing Overhead $178,500
To record the applied overhead costs.
c. Schedule of Cost of Goods Manufactured:
Beginning Work in Process $129,500
Direct materials 454,000
Direct labor 357,000
Applied overhead 178,500
Total production costs $1,119,000
Less Ending Work in Process 271,000
Cost of goods manufactured $848,000
d. Gross profit for April:
Sales of Job 306 = $680,000
Cost of Job 306 = 358,000
Gross profit $322,000
Explanation:
a) Data and Calculations:
Beginning inventory:
Raw materials = $84,000
Cost incurred in April:
Purchases = $580,000
Factory payroll = $387,000
Overhead costs:
Indirect materials, $59,000
Indirect labor, $28,000
Factory rent, $32,000
Factory utilities, $20,000
Factory equipment depreciation, $52,000
Total overhead costs $191,000
Cash Sales of Job 306 = $680,000
Cost Sheet:
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $30,000 $41,000 $71,000
Direct labor 23,000 16,000 39,000
Applied overhead 11,500 8,000 19,500
Beginning work in process $64,500 $65,000 $129,500
Costs during April
Direct materials 139,000 200,000 $115,000 454,000
Direct labor 103,000 150,000 104,000 357,000
Applied overhead 51,500 75,000 52,000 178,500
Total cost of production $358,000 $490,000 $271,000 $1,119,000
Status on April 30 Finished (sold) Finished (unsold) In process
