Marcelino Co.\'s March 31 inventory of raw materials is $88,000. Raw materials p

Question

Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $20,000; factory rent, $33,000; factory utilities, $22,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 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 $ 27,000 $ 39,000 Direct labor 25,000 18,000 Applied overhead 12,500 9,000 Costs during April Direct materials 135,000 215,000 $ 115,000 Direct labor 103,000 155,000 104,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process
Problem 19-1A Part 3 3. Prepare a schedule of cost of goods manufactured MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured

Explanation / Answer

Marcelino Company Schedule of cost of goods manufactured For month ended april 30 Direct materials Used (135000+215000+115000) 465000 Direct Labor Used (103000+155000+104000) 362000 Factory Overhead applied (362000*50%) 181000 Total Manufacturing costs 1008000 Add:Work in progress march 31 (27000+39000+25000+18000+12500+9000) 130500 Total Cost of work in process 1138500 Add:Work in progress april 30 (115000+104000)+104000*50% 271000 Cost of goods manufactured 867500

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