Check 6 Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 29, 000 $ 44,000 Direct labor used (in March) 24,000 18,000 Part 3 of 5 Overhead applied (March) 12,000 9,000 Costs during April Direct materials used 136,000 205,000 $ 120,000 Direct labor used 103,000 152,000 100,000 Overhead applied ? 2 5 Finished Finished points Status on April 30 (sold) ( unsold) In process Additional Information eBook a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $23,000; and factory equipment depreciation, $55,000. Print d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. References 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.References Required Information [The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 30? Job 308 Balances on March 31 Direct materials used {in March) 5 29,000 $ 44,000 Direct labor used (in March) 24,000 18,000 Overhead applied (March) 12,000 9,000 Costs during April Direct materials used 136,000 205,000 S 120,000 Direct labor used 103,000 152,000 100,000 Overhead applied ? '2 7 Status on April 30 F122???\" ?::;:?3? In process Additional Information a. Raw Materials Inventory has a March 31 balance of582.000. b. Raw materials purchases in April are $540,000. and total factory payroll cost in April is $384,000. 1:. Actual overhead costs incurred in April are indirect materials. $55,000; indirect labor. $29,000; factory rent. $32000; factory utilities. $23,000; and factory equipment depreciation, $55,000. d. Predetermined overhead rate is 50% of direct labor cost. a. Job 306 is sold for $635,000 cash in April. 2. Determine the total cost assigned to eachjob as of April 30 (including the balances from March 31). 5 a. Raw Materials Inventory has a March 31 balance of $82,000. I). Raw materials purchases in April are $540,000, and total factory payroll cost in Aprll is $384,000. c. Actual overhead costs incurred in April are indirect materials. $55,000; indirect labor. $29.000; factory rent. $32,000: factory utilities. $23,000; and factory equipment depreciation, $55,000. Ina-"2 of 5 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. 5 palms 2. Determine the total cost assigned to eachjob as of April 30 {including the balances from March 31}. 9| eBook March Direct materials $ 29.000 5 44.000 Pm\" Direct labor 24.000 18.000 Overhead applied 12.000 9.000 M50 :D :I :| $ 0 April Direct materials 135.000 205.000 120.000 461.000 Direct labor 103.000 152.000 100.000 355.000 Costs added in April 239.000 35?.000 220.000 316.000 W :l :| $ 0 Status on April 30 Finished (sold) Finished (unsold) In process 2- Check my work Margins Orientation Size Columns Breaks be Paragraph Arrange 6 JWVUS JUIN ULLVWILL I Office Update To keep up-to-date with security updates, fix. Check for Updates Required information DROP-DOWN MENU OPTIONS Part 3 of 5 View transaction list Accounts payable Land Accounts receivable Merchandise inventory Accumulated depreciation - building Notes payable 5 Journal entry worksheet Accumulated depreciation - factory Overapplied overhead building Paid-in capital in excess of par value, points 3 4 5 Accumulate deprecation - factory Common stock 2 6 7 8 11 equipment Prepaid insurance Building Prepaid rent eBook Record the entry for material purchased on credit. Cash Property taxes - factory Common stock Raw materials inventory Print Cost of goods manufactured Raw materials purchased References Cost of goods sold Rent expense Rent payable Note: Enter debits before credits. Depreciation expense - building Depreciation expense - factory building Rent receivable Repairs - factory equipment Transaction General Journal Debit Credit Depreciation expense - factory equipment Direct labor used Retained earnings a. Direct materials used Factory building Salaries expense Factory equipment sales Factory overhead sales discounts Factory utilities sales returns and allowances Factory wages payable Finished goods inventory selling expense General and administrative expenses underapplied overhead utilities expense Record entry Clear entry View general journal Income summary Indirect labor utilities payable Insurance expense Interest expense work in process inventory Interest revenue Mc Graw Hill