GLO201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Pelcher Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 69,000 60,000 48,000 $ 95,000 38,000 30,400 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 30 175,000 165,000 ? Finished (sold) 280,000 250,000 ? Finished (unsold) $ 140,000 125,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $180,000. b. Raw materials purchases in April are $720,000, and total factory payroll cost in April is $623,000. c. Actual overhead costs incurred in April are indirect materials, $111,380; indirect labor, $39,000; factory rent, $41,000; factory utilities, $34,000; and factory equipment depreciation, $63,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $1,200,000 cash in April. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Pelcher Company during the month of April. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Job Costs tab - Calculate the total cost, and account classification for each job worked on during April. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Pelcher Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April. View transaction list View journal entry worksheet X Debit Credit 1 a. Record the purchase of materials (on credit). neral Ledger > 2 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 applied to Work in Process Inventory. Note : journal entry has been entered 7 g. 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 i. Record the cost of goods sold for Job 306. 10 j. 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. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Ledger Account Cash Accounts receivable, net No. Date Debit Credit No. Date Debit Credit Balance 650,000 Balance 260,000 March 31 March 31 Raw materials inventory Work in process inventory No. Date Debit Credit No. Date Debit Credit Balance 180,000 Balance 340,400 March 31 March 31 Factory Equipment Accumulated depreciation - Factory equipment No. Date Debit Credit No. Date Debit Credit Balance 710,000 Balance 213,000 March 31 March 31 Accounts payable Common stock, $5 par value No. Date Debit Credit Balance No. Date Debit Credit Balance March 31 85.000 March 31 270,000 Paid-in capital in excess of par - Common Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Balance March 31 170,000 March 31 1,402,400 Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Pelcher Company Trial Balance March 31, 2021 Account Title Debit Credit Cash $ 650,000 260,000 180,000 340,400 710,000 213,000 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 85,000 270,000 170,000 1,402,400 $ 2,140,400 $ 2,140,400 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. Job 306 Job 307 Job 308 April Total Beginning Work in Process (March costs) Direct materials $ 69,000 $ 95,000 60,000 38,000 Direct labor Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials 48,000 177,000 30,400 163,400 $ 340,400 $ 175,000 $ 280,000 140,000 595,000 540,000 Direct labor 165,000 250,000 125,000 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. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Pelcher Company for the month of April. PELCHER COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process 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 Pelcher Company the month of April. Gross profit