Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $23,000; factory rent, $36,000; factory utilities, $23,000; 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 307 Job 308 Job 306 Balances on March 3 45,0 13,00 Direct materials 27 Direct labor Applied overhead 6,50 Costs during April Direct materials 205,00 10 153,0 Direct labor 01 Applied overhead Status on Apdi30Finished (sold).. Finished unsold. In rocess a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306. i. Revenue from the sale of Job 306 j. Assignment of any underapplied or gveraplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions Journal entry worksheet 12 3578.... 13 Record the entry for Materials purchases (on credit) Record the cost of factory utilities, paid in cash. 7 1 Record the entry for Materials purchases (on credit). Record depreciation on factory equipment. 2 Record the direct materials used in production. e factory rent, paid in cash. Record the Direct labor paid and assigned to Work in Process Inventory. 3 Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory 10 4 Record the indirect labor paid and assigned to Factory Record the Cost of goods sold for Job 306. i1 Record the entry for Overhead costs applied to Work in Process Inventory. s 12 Record the revenue from the sale of Job 306. 3 Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold. G Record the cost of indirect materials used 3. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job including the balances from March 31) From March Direct Materials 27,000 45,000 3 72 Direct Labor 22.000 13 35 Applied overhesd 11,000 6.500 Baginning goods in process For Apri Direct Materials 139.000 110,000 454.000 Direct Labor 104.000 101 358 Applied overhead Total costs added in Apn Tctal costs (April 30) Fnished (sold) Status on Apnl 30 Finighed (unsola) in process April 30 cost included in 4. Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods For Month Ended Apnil 30 otal cost of work in process Cost of s manutactured 4.1 Compute gross proft for Aprill Gross Profit 4.2 Show how to present the inventories on the April 30 balance sheet Raw materials Work in process Finished goods Total inventories