Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $24,000; factory rent, $33,000; factory utilities, $19,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow.

	Job 306				Job 307				Job 308
Balances on March 31
Direct materials		$	29,000			$	45,000
Direct labor			24,000				18,000
Applied overhead			12,000				9,000
Costs during April
Direct materials			134,000				215,000			$	105,000
Direct labor			102,000				154,000				101,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

3. Prepare a schedule of cost of goods manufactured.

MARCELINO COMPANY
Schedule of Cost of Goods Manufactured
For Month Ended April 30
Total manufacturing costs	0
Total cost of work in process	0
Cost of goods manufactured

Prepare journal entry

• Record the cost of factory rent, paid in cash.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
f(4).

• Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
g.

• Record the Cost of goods sold for Job 306.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
h.

• Record the revenue from the sale of Job 306.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
i.

• Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
j.