252F%252Fnewconnect.me 2 Part 2 of 4 8 02:43:51 Required Information (The following information applies to the questions displayed below] Marcelino Co.'s March 31 Inventory of raw materials is $84,000 Raw materials purchases in April are $580,000, and factory payroll cost in April is $390,000 Overhead costs incurred in Apriliare Indirect materials, 558,000 indirect labor, $26,000, factory rent, $34,000; factory utilities, $21,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $680,000 cash in April. Cons of the three Jobs worked on in April follow. Jobs Job 307 Job 18 Balances on March 31 Direct materials $ 32, 36.000 Direct labor 22, ece 15,000 Applied overhead 11,000 7,500 Costs during April Direct materials 137,000 210,000 $110,000 Direct labor 105,000 155,000 104, Applied overhead Finished Finished In Status on April 30 (sold) (unsold) process Stopped a. Materials purchases (on credit). b. Direct materials used in production c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306, 1. Revenue from the sale of Job 306, J. Assignment of any underapplied or overapplied overhead to the cost of Goods Sold account. (The amount is not material 2. Prepare journal entries for the month of April to record the above transactions 3 May 2 Part 2 of 4 6. Materials purchases (on credit) b. Direct materials used in production c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead e. Overhead costs applied to Work in Process Iriventory 1. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash) 9. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306. 1. Revenue from the sale of Job 306 J. Assignment of any underapplied or overapplied overhead to the cost of Goods Sold account (The amount is not material 8 OZASOS Sipped 2. Prepare journal entries for the month of April to record the above transactions, View transaction list Journal entry worksheet