3 3 of 5 Required information Problem 2-2A (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. eBook Print References 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 $ 27,000 21,000 10,500 $ 41,000 19,000 9,500 137,000 104,000 2 Finished Finished (sold) (unsold) 210,000 $ 115,000 151,000 100,000 2 In process a. Raw Materials Inventory has a March 31 balance of $84,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $25,000; factory rent, $35,000: factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Part 3 of 5 2 points eBook Print References factory utilities. $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 cash in April. Problem 2-2A (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. rect labor, $25,000; factory rent, $35,000 View transaction list View journal entry worksheet No Transaction General Journal 1 Raw materials inventory 7 2 b. Accounts payable Work in process inventory Raw materials inventory Debit Credit 550,000 550,6 2 3 Part 3 of 5 points Required information 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. 1. 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. ellook 14 Print References View transaction list Journal entry worksheet Record the entry for material purchased on credit. Note: Enter debits before credits Transaction General Journal Raw materials inventory Accounts payable BacouLastes Chacanter Debit Credit L 11 Homework i 150 Additional Information $84,0 a. Raw Materials Inventory has a March 31 balance b. Raw materials purchases in April are $550,000, and tota c. Actual overhead costs incurred in April are indirect mate factory utilities, $21,000; and factory equipment deprecia d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $655,000 cash in April. Problem 2-2A (Algo) Part 4 4. Prepare a schedule of cost of goods manufactured for the mont MARCO COMPANY Schedule of Cost of Goods Manufactured Direct materials used Direct labor For Month Ended April 30 Factory overhead applied Total manufacturing costs Add: Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured $ Proy pints Problem 2-2A (Algo) Part 5 eBook 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Print Complete this question by entering your answers in the tabs below. References Req SA Req 58 Compute gross profit for April. Gross profit Req SA Req 5B > 2 points eBook Problem 2-2A (Algo) Part 5 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Print Complete this question by entering your answers in the tabs below. References Req 5A Req 5B Mc Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Work in process Finished goods Total inventories Inventories < Req 5A