GL0201 (Algo) Based on Problem 2-2A LO P1, P2, P3, P4 Fisher 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 $ 43,700 20,900 10,450 Job 306 Job 307 Job 308 $ 34,800 25,800 12,900 140,800 96,600 228,700 164,500 $ 102,900 107,900 ? Finished (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $94,500. b. Raw materials purchases in April are $505,800, and total factory payroll cost in April is $394,900 c. Actual overhead costs incurred in April are indirect materials, $52,900, indirect labor, $25,900, factory rent, $34,900; factory utilities, $21,900; and factory equipment depreciation, $56,800. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $660,000 cash in April Complete this question by entering your answers in the tabs below. Prev Next 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 April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next View transaction list Journal entry worksheet < 2 3 4 5 6 7 8. 11 b. Record the direct materials used. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next View transaction list Journal entry worksheet < 1 2 3 4 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 Record entry Clear entry View general journal Prev 1 of 1 Next View transaction list Journal entry worksheet < 1 2 3 4 5 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 Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 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 April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 5 6 7 8 . 11 f. Record the overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 5 6 7 CO 8 11 11 g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry Prey 1 of 1 View general journal Next Journal entry worksheet < 1 2 3 4 6 7 8 11 h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prey 1 of 1 Next Journal entry worksheet < 1 4 5 6 7 8 9 11 i. Record the cost of goods sold for Job 306. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 5 6 7 8 9 j. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. Date April 30 10 10 11 Account Title Debit Credit Record entry Clear entry Prev View general journal Next View transaction list Journal entry worksheet < 1 4 5 6 7 8 9 10 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prey 1 of 1 Next Cash No. Date Debit March 31 General Ledger Account Accounts receivable, net Credit Balance No. Date Debit 508,000 March 31 Raw materials inventory No. Date Debit March 31 Credit Balance No. Date 94,500 March 311 Factory Equipment Credit Balance 238,000 Work in process inventory Debit Credit Balance 148,550 Accumulated depreciation Factory equipment No. Date Debit March 31 Credit Balance No. Date Debit Credit 524,500 March 31 Balance 167,500 Accounts payable Common stock, $5 par value No. Date Debit March 31 Credit Balance No. Date Debit Credit Balance 50,800 March 31 308,000 Paid-in capital in excess of par - Common Retained earnings No. Date March 31 Debit Credit Balance No. 208 000 Date March 31 Debit Credit Balance 779,250 Pray 1 of 1 Next Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Cash Accounts receivable, net Raw materials inventory Fisher Company Trial Balance March 31, 2021 Account Title 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 Prev Next Debit Credit $ 508,000 238,000 94,500 148,550 524,500 167,500 50,800 308,000 208.000 779,250 $ 1.513,550 S 1,513,550 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, ind which account in the ledger should include the job's costs as of April 30. Job 306 Job 307 Beginning Work in Process (March costs) Direct materials $ 34,800 $ 43,700 Direct labor 25,800 20,900 Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials 12,900 10,450 73,500 75,050 Direct labor Job 308 April Total $ 148,550 $ 140,800 $ 228,700 102,900 472,400 96,600 164,500 107,900 369,000 0 237,400 393,200 210,800 $ 841,400 Overhead applied Total costs added in April Total cost of jobs At the end of April, indicate which account should include each job's costs Cost of goods sold Finished goods inventory Work in process inventory Prev 1 of 1 Next Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Cost of Goods Mfg Prepare a schedule of cost of goods manufactured for Fisher Company for the FISHER COMPANY Schedule of Cost of Goods Manufactured Direct materials used. Direct labor used For Month Ended April 30, Total manufacturing costs added during April Total cost of work in process Less Ending work in process inventory Pres NEXT e. Job 306 is sold for $660,000 cash in April. Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Fisher Company for the month of April. Sales ces Cost of goods sold Gross profit 0 0 GL0201 (Algo)- Based on Problem 2-2A LO P1, P2, P3, P4 Fisher 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 20,900 10,450 Job 306 Job 307 Job 308 $ 34,800 25,800 12,900 $ 43,700 140,800 96,600 228,700 164,500 $102,900 107,900 2 Finished (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $94,500. b. Raw materials purchases in April are $505,800, and total factory payroll cost in April is $394,900. c. Actual overhead costs incurred in April are indirect materials, $52,900, indirect labor, $25,900; factory rent, $34,900; factory utilities, $21,900, and factory equipment depreciation, $56,800 d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $660,000 cash in April. Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 5 6 7 811 a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next VIEW transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 b. Record the direct materials used. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet 1 2 3 4 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 Record entry Clear entry View general journal Prev 1 of 1 Next es Journal entry worksheet < 1 2 3 5 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 Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 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 April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev of 1 Next Journal entry worksheet < 1 2 3 4 5 6 7 8 11 f. Record the overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 2 3 4 5 6 7 8 11 g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 2 3 4 5 6 7 8 www. 11 h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of Next Journal entry worksheet .... 4 5 6 7 8 9 11 i. Record the cost of goods sold for Job 306. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 4 5 6 7 8 9 j. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. Date April 30 10 10 11 Account Title Debit Credit Record entry Clear entry View general journal Prev 1 of 1 Next Journal entry worksheet < 1 .... 4 5 6 7 8 9 10 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Date April 30 Account Title Debit Credit Record entry Clear entry View general journal Prey 1 of 1 Next