GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Fox Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $503,200, and total factory payroll cost in April is $380,600. c. Actual overhead costs incurred in April are indirect materials, $51,600; indirect labor, $24,600; factory rent, $33,600, factory utilities, $20,600, and factory equipment depreciation, $54,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in April. Prepare journal entries for the month of April's transactions. a. Record the purchase of materials (on credit). b. Record the direct materials used. 3 c. Record direct labor used (and paid in cash) and assigned to Work in Process Inventory. 4 d. Record the indirect materials used and assigned to Factory Overhead. 5 e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead. 6 f. Record the overhead costs applled to Work in Process Inventory. Prepare joumal entries for the month of April's transactions. Inventory. 7g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) 8 h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 9 1. Record the cost of goods sold for Job 306. 10J. Record the revenue from the sale of Job 306 received in cash. 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: = journal entry has been entered General Ledger Account \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Cash } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 482,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accounts receivable, net } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 212,000 \\ \hline \end{tabular} \begin{tabular}{|r|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Raw materials inventory } \\ \hline No. & Date & Debit & Credit & \multicolumn{1}{|c|}{ Balance } \\ \hline & March 31 & & & 88,000 \\ \hline D. & April 30 & 503,200 & & 591,200 \\ \hline \end{tabular} Work in process inventory \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Factory Equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 518,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Accumulated depreciation - Factory equipment } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 161,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Common stock, $5 par value } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 282,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Paid-in capital in excess of par - Common } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 182,000 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Retained earnings } \\ \hline No. & Date & Debit & Credit & Balance \\ \hline & March 31 & & & 763,000 \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-dow which account in the ledger should include the job's costs as of April 30. Prepare a schedule of cost of goods manufactured for Fox Company for the month of April. a. Raw Materials inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $503,200, and total factory payroll cost in April is $380,600. c. Actual overhead costs incurred in April are indirect materials, $51,600; indirect labor, $24,600; factory rent, $33,600; factory utilities. $20,600, and factory equipment depreciation, $54,200. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $630,000 cash in Aprill. Complete this question by entering your answers in the tabs below. Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for fox Company for the month of April