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Problem 2-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following...

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Accounting

Problem 2-1A Production costs computed and recorded; reportsprepared LO C2, P1, P2, P3, P4

[The following information applies to the questionsdisplayed below.]

Marcelino Co.'s March 31 inventory of raw materials is $86,000. Rawmaterials purchases in April are $500,000, and factory payroll costin April is $384,000. Overhead costs incurred in April are:indirect materials, $54,000; indirect labor, $23,000; factory rent,$38,000; factory utilities, $23,000; and factory equipmentdepreciation, $61,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $645,000 cash in April.Costs of the three jobs worked on in April follow.

Job 306Job 307Job 308
Balances on March 31
Direct materials$31,000$35,000
Direct labor23,00013,000
Applied overhead11,5006,500
Costs during April
Direct materials130,000215,000$105,000
Direct labor105,000151,000105,000
Applied overhead???
Status on April 30Finished (sold)Finished (unsold)In process

Required:
1. Determine the total of each production costincurred for April (direct labor, direct materials, and appliedoverhead), and the total cost assigned to each job (including thebalances from March 31).

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