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DanielleElmas [232]
3 years ago
11

A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 Skip to question [The following information applies

to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. 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
Balances on March 31
Direct materials $28,000 $44,000
Direct labor 23,000 17,000
Applied overhead 11,500 8,500
Costs during April
Direct materials 138,000 205,000 $115,000
Direct labor 104,000 155,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process

Required:
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
Business
1 answer:
trasher [3.6K]3 years ago
6 0

Answer:

Marcelino Co.

Total production cost incurred for April and the total cost assigned to each job:

                                      Job 306        Job 307         Job 308         Total

Total production cost

 incurred for April      $294,000      $437,500      $271,000  $1,002,500

Total cost assigned    $356,500     $507,000      $271,000   $1,134,500

Explanation:

a) Data and Calculations:

March 31 inventory of

raw materials =                       $88,000

April costs:

Raw materials purchases = $540,000

Factory payroll cost =          $380,000

Overhead costs incurred = $206,000

Total costs =                       $1,214,000

April ending WIP inventory    271,000

Total cost incurred             $943,000

Overhead costs incurred:

Indirect materials = $59,000

Indirect labor = $25,000

Factory rent = $38,000

Factory utilities = $23,000

Factory equipment depreciation = $61,000

Total factory overhead = $206,000

Predetermined overhead rate = 50% of DLC

Sales of Job 306 in April = $655,000 cash

                                      Job 306        Job 307         Job 308         Total

Balances on March 31

Direct materials             $28,000       $44,000                             $72,000

Direct labor                      23,000          17,000                               40,000

Applied overhead             11,500           8,500                               20,000

Total Beginning WIP     $62,500      $69,500       $0                $132,000

Costs during April

Direct materials             138,000       205,000       $115,000      458,000

Direct labor                   104,000       155,000         104,000       363,000

Applied overhead          52,000         77,500          52,000        181,500

Total production cost

 incurred for April    $294,000     $437,500      $271,000  $1,002,500

Total cost assigned  $356,500    $507,000      $271,000   $1,134,500

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

                                   Job 306            Job 307              Job 308

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