Marcelino Co's March 31 inventory of raw materials is $82,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are indirect materials, $54,000; indirect labor. $27,000; factory rent, $40,000; factory utilities, $21000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 387 Job 308 $ 28,000 22,000 11,000 $ 35,000 17,000 8,500 Balances on March 31 - Direct materials Direct labor Applied overhead. Costs during April Direct materials Direct labor Applied overhead Status on April 30 134,000 101,000 220,000 151,000 ? Finished (unsold) $120,000 104,000 2 Finished (sold) In process 4-a. Compute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April Gross profit Required IA Required 48 > Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories At the beginning of the year, Learer Company's manager estimated total direct labor cost assuming 40 persons working an average of 2,000 hours each at an average wage rate of $30 per hour. The manager also estimated the following manufacturing overhead costs for the year Indirect labor Factory supervision Rent on factory building Factory utilities Factory insurance expired Depreciation-Factory equipment Repairs expense-Factory equipment Factory supplies used Miscellaneous production costs Total estimated overhead costs $ 340,200 110,000 101,000 107,000 87,000 473,000 79,000 87,800 55,000 $1,440,000 At year-end, records show the company incurred $1.599,000 of actual overhead costs It completed and sold five jobs with the following direct labor costs: Job 201, $623.000; Job 202. $582,000, Job 203, $317.000, Job 204 $735.000, and Job 205, $333,000, In addition, Job 206 is in process at the end of the year and had been charged $36,000 for direct labor. No jobs were in process at the beginning of the year. The company's predetermined overhead rate is based on direct labor cost Required 1-a. Determine the predetermined overhead rate for the year. 1-b. Determine the total overhead cost applied to each of the six jobs during the year 1-c. Determine the over- or underapplied overhead at the year-end, 2. Assuming that any over- or underapplied overhead is not material, prepare the adjusting entry to allocate any over or underapplied overhead to Cost of Goods Sold at the end of the year. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 2 Determine the predetermined overhead rate for the year. Choose Numerator: Predetermined overhead rate 1 Choose Denominator: 1 II Predetermined overhead rate Predetermined overhead rate 11 11 Reg 1 Req 1B > Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1c Reg 2 Determine the total overhead cost applied to each of the six jobs during the year. Overhead cost applied Job No. Direct Labor 201 $ 623,000 202 582,000 203 317,000 204 735,000 205 333,000 206 36,000 Total $ 2,626,000 Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req id Req 2 Determine the over- or underapplied overhead at the year-end. Factory Overhead Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1C Req 2 Assuming that any over or underapplied overhead is not material, prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold at the end of the year. View transaction list Journal entry worksheet Record the entry to allocate any overapplied or underapplied overhead to Cost of Goods Sold at the end of the year. Note: Enter debits before credits Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal