Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases April are $500,000, and factory payroll cost in April is $363.000 Overhead costs incurred in April are: indirect materials, $50,000, indirect labor, $23,000; factory rent. $32,000, factory utilities, $19,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 386 Job 307 Job 388 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) $100,000 105,000 ? In process Prepare journal entries for the month of April's transactions. No Date Account Title Debit Credit 1 Apr 30 Raw materials inventory 500.000 Accounts payable 500.000 OO OO > 2 Apr 30 455,000 Work in process inventory Raw materials inventory 455,000 3 Apr 30 Work in process inventory OO Cash 4 Apr 30 23.000 Factory overhead Cash 23.000 5 Apr 30 Work in process inventory Factory overhead olo 0 Apr 30 50.000 Factory overhead Raw materials inventory 50.000 OO OO 7 Apr 30 Factory overhead Cash S 8 Apr 30 51.000 Factory overhead Accumulated depreciation - Factory equipment ol 51.000 Apr 30 Factory overhead Cash Blo 10 Apr 30 lo Finished goods inventory Work in process inventory 11 Apr 30 Cost of goods sold Finished goods inventory olol 635.000 12 Apr 30 Cash Sales 636,000 13 Apr 30 Cost of goods sold Factory overhead Complete this question by entering your answers in the tabs below. Cost of Goods General Journal General Ledger Requirement Trial Balance Job Costs Gross Profit Mfg Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop- which account in the ledger should include the job's costs as of April 30. Dates: Mar 31 to: Job 306 Job 307 Job 308 April Total $ Beginning Work in Process (March costs) Direct materials Direct labor Applied overhead Total Beginning Work in Process inventory 35,000 18,000 29,000 $ 20,000 10,000 59,000 9000 62,000 $ 121,000 $ Costs added in April Direct materials Direct labor Applied overhead Total costs added in April 135,000 $ 85,000 220.000 150,000 100,000 105,000 455,000 340,000 0 795,000 220,000 370,000 205,000 $ 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 Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 387 Job 308 $ 29,000 20,000 10,000 $ 35,000 18.000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) $100,000 105,000 ? In process 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 Marcelino Company for the month of April. Dates: Mar 31 to: Apr 30 Sales Cost of goods sold Gross profit 635,000 0