Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April...

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Accounting

Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are $570,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials, $58,000; indirect labor, $29,000; factory rent,$40,000; factory utilities, $21,000; and factory equipmentdepreciation, $60,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $695,000 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
$
26,000
$
37,000
Direct labor
22,000
16,000
Applied overhead
11,000
8,000
Costs during April
Direct materials
130,000
215,000
$
105,000
Direct labor
104,000
151,000
100,000
Applied overhead
?
?
?
Status on April 30
Finished (sold)
Finished (unsold)
In process
Record the entry for Materials purchases (on credit).
Compute gross profit for April.
Gross Profit

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Solution Cost of three jobs worked on in April Job 306 Job 307 Job 308 April Total From March Direct Materials 26000 37000 63000 Direct Labor 22000 16000 38000 Applied Overhead 11000 8000 19000 See Answer

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In: AccountingMarcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are...Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are $570,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials, $58,000; indirect labor, $29,000; factory rent,$40,000; factory utilities, $21,000; and factory equipmentdepreciation, $60,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $695,000 cash in April.Costs of the three jobs worked on in April follow.Job 306Job 307Job 308Balances on March 31Direct materials$26,000$37,000Direct labor22,00016,000Applied overhead11,0008,000Costs during AprilDirect materials130,000215,000$105,000Direct labor104,000151,000100,000Applied overhead???Status on April 30Finished (sold)Finished (unsold)In processRecord the entry for Materials purchases (on credit).Compute gross profit for April.Gross Profit

	Job 306			Job 307			Job 308
Balances on March 31
Direct materials		$	26,000		$	37,000
Direct labor			22,000			16,000
Applied overhead			11,000			8,000
Costs during April
Direct materials			130,000			215,000		$	105,000
Direct labor			104,000			151,000			100,000
Applied overhead			?			?			?
Status on April 30	Finished (sold)			Finished (unsold)				In process