Drake Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March) Costs during April Direct materials Direct labor Applied overhead Status on April 30 Additional Information Job 306 Job 307 Job 308 $ 33,800 24,800 12,400 $ 42,200 20,400 10,200 139,800 94,600 ? Finished (sold) 227,200 162,000 $ 102,400 107,400 ? Finished: (unsold) In process a. Raw Materials Inventory has a March 31 balance of $92,000. b. Raw materials purchases in April are $504,800, and total factory payroll cost in April is $389,400. c. Actual overhead costs incurred in April are indirect materials, $52,400; Indirect labor, $25,400, factory rent, $34,400; factory utilities, $21,400; and factory equipment depreciation, $55,800 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April. Journal entry worksheet < 1 2 3 4 5 6 7 8 11 a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Debit Credit 92,000 92,000 April 30 Raw materials inventory Accounts payable Record entry Clear entry View general journal Journal entry worksheet < b. Record the direct materials used. Note: Enter debits before credits. 5 6 7 8 11 Date April 30 Account Title Debit Credit Work in process inventory 469,400 Raw materials inventory 469,400 Record entry Clear entry View general journal Journal entry worksheet < 2 3 5 6 7 8 11 c. Record direct labor used (and paid in cash) and assigned to Work in Process Inventory. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Work in process inventory 364,000 Cash 364,000 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 6 7 8 11 > d. Record the indirect materials used and assigned to Factory Overhead. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Factory overhead 182,000 Cash 182,000 Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 5 6 7 8 11 e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead. Note: Enter debits before credits. Date Account Title Debit Credit April 30 Work in process inventory Factory overhead Record entry Clear entry View general journal Journal entry worksheet < 2 3 5 6 8 ***** 11 f. Record the overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Journal entry worksheet < 2 3 5 6 8. 11 g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Journal entry worksheet < 2 3 4 5 6 7 h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. 11 Journal entry worksheet < 1 5 6 7 8 i. Record the cost of goods sold for Job 306. Note: Enter debits before credits. 6 11 Journal entry worksheet < 4 5 6 7 8 10 10 6 j. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. 11 Journal entry worksheet < 5 6 7 8 6 10 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits.