Clancy Co's March 31 inventory of raw materials is $190 000 Raw materials purchases in April are $740,000, and factory payroll cost in April is $649.000 Overhead costs incurred in April are indirect materials. $118.000 indirect labor, $89.000 factory rent, $112.000 factory Utilities. $63.000, and factory equipment depreciation $73.000. The predetermined overhead rate is 80% of direct labor cost. Job 306 is sold for $1.230,000 cash in April Costs of the three jobs worked on in April follow Job 386 Job 387 Job 38 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead $ 73,00 64,000 51,20 $100,00 40.000 32,832 179,800 173,000 286,000 260,000 $144, 127 800 Status on April 30 Finished sold) Finished Cunsold In process Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Ta Balance Job Costs Cost of Goods MO Gross Profit General Journal tab - Prepare journal entries to record the transactions of Clancy company during the month of April Job Costs tab - Calculate the total cast, and account dassification for each Job worked on during April Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Clancy Company during the month of April Gross Profit tab. Calculate the gross profit on the sale of jobs) during April a. Record the purchase of materials (on credit). @ b. Record direct materials used in production. 3 c. Record direct labor paid and assigned to Work in Process Inventory. d. Record indirect labor paid and assigned to Factory Overhead. 5 e. Record overhead costs applied to Work in Process Inventory 6 f1. Record the cost of indirect materials used. Note: journal entry has been entered View transaction list View journal entry worksheet 7 f2. Record the cost of factory utilities paid in cash. 8 f3. Record the depreciation on factory equipment. 9f4. Record the cost of factory rent, paid in cash. 10 g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 h. Record the cost of goods sold for Job 306. 12 i. Record the revenue from the cash sale of Job 306. 13 j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. Note - journal entry has been entered Dates: Mar 31 to: Apr 30 General Ledger Account Cash Accounts receivable, net No. Date Credit Debit No. Credit Date Debit Balance Mar 31 Balance 670,000 110.000 Mar 31 268,000 2 3 Apr 30 560.000 Raw materials inventory Work in process inventory Debit Credit No. Date Debit Credit No. Date Balance 361,200 Mar 31 Balance 190,000 930,000 321,000 1 Mar 31 Apr 30 Apt 30 1 740,000 2 970.200 Apr 30 Apr 30 800,000 560.000 2 609,000 3 1.530.200 Factory Equipment . Debit Credit No. Date Mar 31 Balance 730.000 Accumulated depreciation - Factory equipment Date Debit Credit Balance Mar 31 219.000 Accounts payable Common stock, $5 par value No. Date Debit Credit No Debit Credit Balance 89,000 Date Mar 31 Balance 272.000 Mar 31 1 Apr 30 740.000 829,000 Retained earnings No Paid-in capital in excess of par. Common Date Debit Credit Mar 31 Balance No Date Debit Credit Balance 1.467.200 172.000 Mar 31 General Journal Requirement General Ledger Trial Balance LEGO Job Costs Cost of Goods Mfg Gross Profit Dates: Mar 31 to: Apr 30 Clancy Company Trial Balance April 30, 2019 Account Title Debit Credit S 110.000 268,000 321 000 1,530,200 730 000 2 2 2 2 Cash Accounts receivable.net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock $5 par value Paid-in capital in excess of par - Common Retained earnings Total 219.000 829,000 272.000 172.000 1.467 200 2.959 200 $ 2.959.2001 Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Dates: Mar 31 to: Apr 30 Job 306 Job 307 Job 308 April Total S Beginning Work in Process (March costs) Direct materials Direct labor Applied overhead Total Beginning Work in Process inventory 73,000 $ 64 000 51 200 199 200 101.000 40,000 32,000 173.000 $ 361 200 $ Costs added in April Direct materials Direct labor Applied overhead Total costs added in April 179.000 $ 173.000 286,000 260.000 144 000 127 000 609,000 560.000 0 1,169.000 352.000 546,000 271.000 Total cost of jobs At the end of April, indicate which account should include each job's costs Prepare a schedule of cost of goods manufactured for Clancy Company for the month of A Dates: Mar 31 CLANCY COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 es Total manufacturing costs added during April Total cost of work in process