COST OF GOODS SOLD PLEASE ****

Required Information Problem 19-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Marcelino Co's March 31 Inventory of raw materials is $85,000. Raw materials purchases in April are $500,000, and factory payroll cost In April is $385,000. Overhead costs incurred in April are: Indirect materials, $60,000; Indirect labor, $26,000; factory rent, $31,000; factory utilities, $20,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash In April. Costs of the three Jobs worked on in April follow. Job 306 Job 307 Job 388 Balances on March 31 Direct materials $ 28,888 $ 37,000 Direct labor 22,888 15,000 Applied overhead 11,000 7,500 Costs during April Direct materials 135,eee 215,000 $120,000 Direct labor 153,000 103,000 Applied overhead Finished Finished Status on April 30 (sold) (unsold) process 103,eee ? ? In Problem 19-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor pald 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. I. 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. Required information Answer is not complete. General Journal No Transaction Credit Debit 500,000 1 a. Raw materials inventory Accounts payable 500,000 2 b. 470,000 Work in process inventory Raw materials inventory >> 470,000 3 C. 359,000 Work in process inventory Cash 359,000 4 d. 26,000 Factory overhead Cash 26,000 5 e. 179,500 Work in process inventory Factory overhead >> 179,500 6 f(1). 60,000 Factory overhead Raw materials inventory 60,000 7 f(2). 20,000 Factory overhead Cash 20,000 8 f(3). 57,000 Factory overhead Accumulated depreciation-factory equipment 57,000 >> >> 9 f(4) Factory overhead 31,000 Cash 31,000 10 g 854,500 Finished goods inventory Work in process inventory Olo 854,500 11 h. 579,000 Cost of goods sold Finished goods inventory 179,400 12 i. 675,000 Sales 675,000