Question

One question with 4 parts:

Required information [The following information applies to the questions displayed below.] 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

I need all of the journal entries

Answer 1

Answer to Question 1:

Job 306 Job 307 Job 308 Total From March: Direct Materials Direct Labor Applied Overheads Beginning goods in process $ 29,000 $ 35,000 $ 20,000 $ 18,000 10,000 $ 9,000 59,000 $ 62,000 (29,000 + 20,000 + (35,000 + 18,000 + 10,500) 9,000) 64,000 38,000 19,000 121,000 For April Direct Materials Direct Labor Applied Overheads Calculation Total costs added in April 455,000 340,000 170,000 965,000 135,000 $ 220,000 $ 100,000 $ 85,000 $ 150,000 $ 105,000 $ 42,500 $ 75,000 $ 52,500 $ (85,000 X 50%) (150,000 X 50%) (105,000 X 50%) 262,500 $ 445,000 $ 257,500 $ (135,000 + 85,000 + (220,000 + 150,000 + (100,000 + 105,000 42,500) 75,000) +52,500) 321,500 $ 507,000 $ 257,500 $ (59,000 + 262,500) (62,000 + 445,000) Finished (sold) Finished (unsold) In Process Finished goods Work in Process Cost of goods sold inventory Inventory 1,086,000 Calculation Total costs (April 30) Calculation Status on April 30 April 30 cost included in

Answer to Question 2:

Credit Question 2 Transaction General Journal Debit Raw Materials Inventory $ 500,000 Accounts Payable (To record purchase of raw material on account) a. $ 500,000 Work in Process Inventory $ 455,000 Raw Materials Inventory (To record the consumption of raw material) $ 455,000 Work in Process Inventory $ 340,000 Cash (To record expense and payment of direct labor) $ 340,000 d. 23,000 Factory Overhead $ Cash (To record payment of indirect labor) 23,000 Work in Process e. Inventory $ 170,000 Factory Overhead $ (To record overheads incurred using predetermined rate) 170,000

Answer to Question 2:

Credit Debit $ 50,000 Question 2 Transaction General Journal f(1). Factory Overhead Raw Materials Inventory (To record indirect material used) $ 50,000 $ 19,000 f(2). Factory Overhead Cash (To record factory utilities incurred) $ 19,000 f(3). Factory Overhead $ 51,000 Accumulated overhead - factory equipment $ (To record depreciation expense on factory equipment) 51,000 $ 32,000 f(4). Factory Overhead Cash (To record payment of factory rent) $ 32,000 Finished goods inventory (321,500 + 507,000) $ 828,500 Work in Process Inventory |(To record completion of Jobs 306 and 307) $ 828,500

Answer to Question 2:

Credit Transaction General Journal Debit Cost of goods sold $ 321,500 Finished goods inventory (To record cost of goods sold for Job 306) $ 321,500 $ 635,000 Cash Sales (To record sale of Job 306) $ 635,000 $ 5,000 Cost of goods sold Factory Overhead (To record underapplied overhead) $ 5,000 170,000 Working for Transaction j. Overhead Applied to Jobs $ Overheads incurred: Indirect material $ Indirect labor $ Factory rent $ Factory utilities $ Factory equipment depreciation $ Total $ 50,000 23,000 32,000 19,000 51,000 175,000 Underapplied overhead (170,000 - 175,000) $ 5,000

Answer to Question 3:

Question 3 Marcelino Company Schedule of Cost of Goods Manufactured For Month Ended April 30 Calculation Direct material used $ 455,000 Direct labor used $ 340,000 Factory overhead applied $ 170,000 (455,000 + 340,000+ Total manufacturing costs $ 965,000 170,000) Add: Work in process March 31$ 121,000 Less: Work in process April 30 $ Cost of goods manufactured | $ 257,500 828,500 (1,096,000 - 254.500) The work in process of March 31 amount is the total of March cost for Job 306 and Job 307. The work in process of April 30 amount is the total cost for Job 308.

Answer to Question 4-a and 4-b:

Question 4-a Sales Less: Cost of Goods sold Gross Profit $ $ $ 635,000 321,500 313,500 ($635,000 - $321,500) Question 4-b Raw material $ Work in process $ Finished goods $ Total inventories $ ($75,000 + $257,500 + $507,000) 75,000 257,500 507,000 839,500 Working for raw material inventories Beginning raw material $ 80,000 Purchases $ 500,000 Less: Direct Material used $ 455,000 Less: Indirect Material used $ 50,000 Ending Raw Material $ 75,000 ($80,000+ $500,000 - $455,000 - $50,000)