manufactured LO P1, P2, P3, PA [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April Job 306 Job 307 Job 308 $ 29,000 23,080 11,500 $ 40,000 16,000 8,800 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 137,000 105,000 215,000 153,000 ? Finished (unsold) $ 115,000 104,000 ? Finished (sold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $87,000 b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $389,000. c. Actual overhead costs incurred in April are indirect materials, $56,000, indirect labor. $27,000, factory rent, $35,000, factory utilities, $24,000, and factory equipment depreciation, $59,000 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April Problem 2-2A (Algo) Part 1 Required: 1. Determine the amount of overhead applied to each job in April 306 307 308 April Total $ 0 050 0.50 0.50 0.50 Predetermined overhead rate Overhead applied Problem 2-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Job 306 Job 307 Job JOB April Total $ $ 29,000 23.000 11,500 40.000 16,000 8,000 $ 0 March Direct materials Direct labor Ovethead applied Work in process beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in 137,000 105000 215,000 153,000 115,000 104 000 467,000 362,000 0 829,000 0 242.000 368,000 219,000 $ Finished (sold) Finished (unsold) In process Problem 2-2A (Algo) Part 3 a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. g. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. i. Cost of goods sold for Job 306. j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet 1 2 3 4 5 02 7 CO . 11 Record the entry for material purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventarios Raw materials Work in process Finished goods Total inventories 0