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. 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 Additionel Informotion o. Row Moteribls Inventory has a March 31 balance of $86,800 b. Raw moterials purchases in Aprit sie $517,000, and total factory payroll cost in Apeit is $380,000. foctory utilities, $23,250, and factory equipment depreciation, $5,250 e. Job 300 is sold for 5652.000 castin Anit Problem 2-2A (Algo) Part 2 2. Determine the total cost assigned to eachyob os of Apar 30 (including the batances from March 31 ) 5.a. Compute gross profit for April. 5.b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how the three inventory accounts are reported on the April 30 balance sheet. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. 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. Additional Information a. Raw Materials inventory has a March 31 balance of $86,800 b. Raw materials purchases in April are $517,000, and total factory poyroll cost in April is $380,000, c. Actual overhead costs incurred in Aprit are incirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250; factory utilities, $23,250; and factory equipment depreciation, $55,250 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $652,000 cash in April. Problem 2-2A (Algo) Part 1 Required: 1. Determine the amount of overhead applied to each job in April. 5-a. Compute gross profit for April. 5.b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April
