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2 years ago

Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are

Business

1 answer:

Setler [38]2 years ago

5 0

Answer:

A journal entry was prepared to record the transactions of Marcelino Company during the month of April with the scheduled cost of goods.

Explanation:

Solution

The first step is to take is preparing a journal entries to record the transactions of Marcelino Company during the month of April.

(a) JOURNAL ENTRIES OF MARCELINO COMPANY

Job 306 Job 307 Job 308 April Total

Balances on 31st

March

Direct materials 29000 35000 64000

Direct labor 20000 18000 38000

Applied overhead 10000 9000

(b)

Costs during April

Direct materials 135000 220000 100000 455000

Direct labor 85000 150000 105000 340000

Applied overhead 42500 75000 52500 170000

Cost of Manufacturing 32150 507000 257500 1086000

Status on April 30 Finished (sold)Finished (unsold)In process

April Profit Statement

Manufacturing Cost 1086000

Less Closing WIP job 306 257500

Less Finished goods 307 507000

ADD overhead under applied 5000

Cost Of Goods sold 326500

Sales Value 635000

Gross Profit 308500

OverheadActualy incured

Indirect material 50000

Indirect labor 23000

Factory rent 32000

Factory Utility 19000

Factory equipment 51000

OverheadActualy incured 175000

Overhead applied 170000

Overhead under applied 5000

We create another Journal for Marcelino Company

Journal Credit Debit

Material Control 500000

Account Payable 500000

Overhead control 175000

Overhead payable 175000

Wage Control 363000

Wage Payable 363000

Work in progress 455000

Material Control 455000

Work in progress 340000

Direct labor 38000

Work in progress 170000

Applied overhead 170000

Overhead under applied 5000

Cost of Goods sold 5000

Finished Goods 507000

Work in progress 507000

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<h3>What is accounting equation?</h3>

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