2. Mask Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 Balances on March 31: Direct materials Direct labor Applied overhead Costs during April: Direct materials Direct labor Applied overhead Status on April 30 $100,000 105,000 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) In process a. b. Determine: 1) The WIP inventory account balance as of March 31st 2) Direct materials cost for April 3) Direct labor cost for April 4) Applied factory OH cost for April 5) The total costs assigned to each job as of April 30th (including any balances from March 31). Prepare journal entries for the month of April to record the below transactions (make sure to use proper journal entry formatting and include a brief description of each entry). 1) Materials purchases (on credit). 2) Direct materials used in production. 3) Indirect materials used and assigned to Factory Overhead. 4) Direct labor paid and assigned to Work in Process Inventory. 5) Indirect labor paid and assigned to Factory Overhead. 6) Overhead costs applied to Work in Process Inventory. 7) Actual other overhead costs incurred (assume Factory rent and utilities are paid in cash). 8) Transfer of Jobs 306 and 307 to Finished Goods Inventory. 9) Revenue from the sale of Job 306. 10) Cost of goods sold for Job 306. 11) Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account (Assume the amount is not material). Determine the April 30th balances of the raw materials inventory account, the WIP inventory account and the finished goods inventory account (assume finished goods inventory balance as of March 31st was $0). Prepare a schedule of cost of goods manufactured for April. Compute gross profit for April. c. d. e