Question

Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 85,000 220,000 150,000 $100,000 105,000 Finished (sold) Finished (unsold) In process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Marcelino Company for the month of April. Dates: Mar 31 to: Apr 30 MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process

Answer 1

			Job 306	Job 307	Job308	Total
		Balance as on March 31
	W	Direct Materials	$29,000	$35,000	$0	$64,000
	X	Direct Labor	$20,000	$18,000	$0	$38,000
	Y	Applied Overhead	$10,000	$9,000	$0	$19,000
	Z	Total	$59,000	$62,000	$0	$121,000
		Costs during April
	A	Direct materials	$135,000	$220,000	$100,000	$455,000
	B	Direct Labor	$85,000	$150,000	$105,000	$340,000
	C=B*50%	Applied Overhead	$42,500	$75,000	$52,500	$170,000
	D=A+B+C	Total Cost in April	$262,500	$445,000	$257,500	$965,000
	E=Z+D	Total cost for the job till April	$321,500	$507,000	$257,500
	F	Cost of finished job 306	$321,500
	G	Cost of finished job 307	$507,000
	H=F+G	Total cost of finished jobs	$828,500
	I	Ending Work in Process Inventory	$257,500	(Job308)
		SCHEDULE OF COST OF GOODS MANUFACTURED
		Beginning work in process inventory	$121,000
		Add:Costs added during April	$965,000
		Total work in process inventory	$1,086,000
		Less: Ending Work in process inventory	$257,500
		Cost of goods manufactured	$828,500