The preparation of Marcelino Co.'s Schedule of Cost of Goods Manufactured for April is as follows:
<u>Schedule of Cost of Goods Manufactured</u>:
Beginning Work in process $123,500
Direct materials 445,000
Direct labor 352,000
Applied overhead 176,000
Ending Work in process (251,500)
Cost of goods manufactured $845,000
<h3>Calculating the cost of goods manufactured?</h3>
The cost of goods manufactured can be computed by adding the costs of direct materials, direct labor, and factory overhead to the beginning work in process inventory and subtracting the ending work in process inventory.
<h3>Data and Calculations:</h3>
March 31 Raw materials inventory = $81,000
Raw materials purchases = $510,000
Factory payroll cost = $368,000
Overhead costs:
Indirect materials =$56,000
Indirect labor, $29,000
Factory rent, $39,000
Factory utilities, $22,000
Factory equipment depreciation, $61,000
Total overhead costs = $207,000
Predetermined overhead rate = 50% of direct labor cost
Sales revenue of Job 306 = $645,000
Cost sheets of Job 306, Job 307, and Job 308
Job 306 Job 307 Job 308 Total
Balances on March 31:
Direct materials $31,000 $37,000 $68,000
Direct labor 21,000 16,000 37,000
Applied overhead 10,500 8,000 18,500
Total costs $62,500 $61,000 $0 $123,500
Costs during April:
Direct materials 130,000 215,000 $100,000 445,000
Direct labor 101,000 150,000 101,000 352,000
Applied overhead 50,500 75,000 50,500 176,000
Total costs $344,000 $501,000 $251,500 $1,096,500
Status on April 30 Finished (sold) Finished (sold) In process
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