15-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March)) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Job 306 Job 307 Job 308 $ 26,000 $ 39,000 24,000 12,000 19,000 9,500 131,000 103,000 ? 205,000 $110,000 155,000 103,000 ? ? Finished Finished (sold) (unsold) In process a. Raw Materials Inventory has a March 31 balance of $85,000. b. Raw materials purchases in April are $560,000, and total factory payroll cost in April is $389,000, c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $28,000; factory rent, $37,000; factory utilities, $22,000; and factory equipment depreciation, $59,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Problem 15-2A (Algo) Part 3 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. i. Cost of goods sold for Job 306. j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the entry for material purchased on credit. Required information View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the entry for material purchased on credit. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal V Required information View transaction list Journal entry worksheet > 1 2 3 4 5 6 7 Record the direct materials used in production. Note: Enter debits before credits. Transaction b. 00 8 11 > General Journal Debit Credit Record entry Clear entry View general journal Required information View transaction list Journal entry worksheet < 1 2 3 4 5 Record the direct labor (paid in cash). Note: Enter debits before credits. Transaction C. 6 7 8 11 General Journal Debit Credit Record entry Clear entry View general journal Venue Bun sore Leiveu I Lo Required information View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the indirect materials used. Nota: Enter debits before credits Transaction d General Journal Debit Credit Record entry Clear entry View general journal 80 2 $ 64 #3 883 24 evenue U DIE SO I JUU JUU (ELEIVED I LO Required information View transaction list 3 4 5 6 7 8 11 Journal entry worksheet 1 Record the indirect labor (paid in cash). Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal 2 80 9: 2 F #3 VENUE HUE SOI JUU JUU TELEIVE BELO Required information View transaction list Journal entry worksheet < 2 3 4 5 6 8 Record the application of overhead costs. Note: Enter debits before credits. Transaction t 21 11 General Journal Debit Credit Record entry Clear entry View general journal @ 2 " ** Sta " $ 54 #3 W E S x D 2 C Quired information w transaction list Journal entry worksheet < 1 2 3 4 5 6 8 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal @ , * " 80 FA W v transaction list ournal entry worksheet 1 2 3 4 5 6 7 8 11 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits Transaction h. General Journal Debit Credit Record entry Clear entry View general journal D *2 " 80 888 74 w transaction list Journal entry worksheet 1 4 5 6 7 8 9 11 Record the cost of goods sold for Job 306. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal @ 80 " " 888 " $ 64 #3 R W E S x D < Prev % 5 100 9 10 MacBook Air 66 & 7 28 40 T Y U 8 * 00 LL F G H J C V , transaction list ournal entry worksheet < 1 4 5 6 7 8 9 10 11 Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal @ #: " 80 2 FA G H J B ew transaction list Journal entry worksheet < 1 4 5 6 7 8 10 11 Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Transaction K Record entry ** @ # 73 General Journal Debit Credit 2 W E S Clear entry View general journal D $ 54 888 2 X C < Previ 9 10 of 14 No % 85 " MacBook Air ^ 6 R T Y FL > &7 100 G H R .. C 8 J