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Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are...

Question:

Marcelino Co.s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory pa

3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended

Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $25,000; factory rent, $36,000; factory utilities, $24,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 28,000 24,000 12,000 $ 37,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 133,000 100,000 215,000 152,000 $110,000 104,000 Finished (sold) Finished (unsold) In process
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

Answers

Answer-1-Determine the total of each production cost incurred for April:-

Job 306 Job 307 Job 308 April Total
From March
Direct Materials $28,000 $37,000 $65,000
Direct Labor 24,000 15,000 39,000
Applied overhead 12,000 7,500 19,500
Beginning goods in process $64,000 $59,500 0 $123,500
For April
Direct Materials 133,000 215,000 110,000 458,000
Direct Labor 100,000 152,000 104,000 356,000
Applied overhead (50% of direct labor) 50,000 76,000 52,000 178,000
Total costs added in April 283,000 443,000 266,000 992,000
Total costs (April 30) 347,000 502,500 266,000 $1,115,500
Status on April 30 Finished (sold) Finished (unsold) In process
April 30 cost included in: Cost of Goods Sold Finished Goods Inventory Work in Process Inventory

  MARCELINO COMPANY
Schedule of Cost of Goods Manufactured

For the Month Ended April 30

Direct materials used $458,000   
Direct labor used $356,000
Factory overhead applied $178,000
Total manufacturing costs $992,000
Add: Work in process March 31 $123,500
Total cost of work in process $1,115,500
Less: Work in process April 30 $266,000
Cost of goods manufactured $849,500

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