Marcelino Co.\'s March 31 inventory of raw materials is $80,000. Raw materials p

Question

Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $22,000; factory rent, $39,000; factory utilities, $20,000; and factory equipment depreciation, $58,000. 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.

rev: 03_15_2018_QC_CS-121813

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 Balances on March 31 Direct materials $ 30,000 $ 36,000 Direct labor 22,000 16,000 Applied overhead 11,000 8,000 Costs during April Direct materials 133,000 200,000 $ 115,000 Direct labor 102,000 153,000 100,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process

Explanation / Answer

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).

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