16 Part30f4 poi nts Required information [T he following information applies to the questions displayed below. ] Marco Company shows the following costs for three jobs worked on in April. Job 366 Job 397 Job 368 Balances on March 31 Direct materials used (in March) 35 29,966 $ 44,999 Direct labor used (in March) 23,966 14,699 Overhead applied (March) 11,566 7,699 Costs during April Direct materials used 135,966 265,699 $ 165,999 Direct labor used 195,966 153,699 162,999 Overhead applied .3 ? P Status on April 36 F2::i::d Ei:::::'; In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $381,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $21,000; factory rent, $40,000; factory utilities, $24,000; and factory equipment depreciation, $64,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $660,000 cash in April. 1 6 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. Pm 3 0M e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. 9. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. 3 i. Cost ofgoods sold for Job 306. Wm 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. 6 Answer is not complete. 1 a. Raw materials inventory a 550,000 0 Accounts payable 0 550.000 0 2 b. Work in process inventory a 445,000 0 Raw materials inventory 0 445.000 0 3 c. Work in process inventory a 360,000 a Cash 0 360,000 0 4 d. Factory overhead 0 55,000 0 Raw materials inventory a 55.000 0 5 e. Factory overhead 0 21 ,000 a Cash 0 21,000 0 6 f. Work in process inventory a 100,000 0 Factory overhead 0 180.000 0 Factory overhead 0 180,000 0 7 Factory overhead 0 120,000 0 Cash 0 64,000 0 Accumulated depreciationBuilding 6 64,000 0 8 Finished goods inventory 0 055,500 0 Work in process inventory 0 855,500 0 9 Cost ofgoods sold a 356,000 9 Finished goods inventory 0 356,000 0 10 Cash 0 660,000 0 Sales 0 660,000 9 11 Cost of goods sold 0 Factory overhead