Please answer the following questions

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 307				Job 308
Balances on March 31
Direct materials		$	29,000			$	35,000
Direct labor			20,000				18,000
Applied overhead			10,000				9,000
Costs during April
Direct materials			135,000				220,000			$	100,000
Direct labor			85,000				150,000				105,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

2) b. Record direct materials used in production.

3) c. Record direct labor paid and assigned to Work in Process Inventory.

4) d. Record indirect labor paid and assigned to Factory Overhead.

5) e. Record overhead costs applied to Work in Process Inventory.

6) f1. Record the cost of indirect materials used

7) f2. Record the cost of factory utilities paid in cash.

8) f3. Record the depreciation on factory equipment.

9) f4. Record the cost of factory rent, paid in cash

10) g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory.

11) h. Record the cost of goods sold for Job 306.

12) i. Record the revenue from the cash sale of Job 306.

13) j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.)

JOB COST

Options for the cost of jobs

• ost of goods sold
• Factory overhead
• Finished goods inventory
• Raw materials inventory
• Sales
• Work in process inventory

Options for the left columns

• Accounts receivable, net
• Cash
• Cost of goods sold
• Direct labor used
• Direct materials used
• Factory equipment
• Factory overhead applied
• General and administrative expenses
• Prepaid expenses
• Sales
• Selling expenses
• Wages payable

Options for manufacturing cost

• Add: Beginning finished goods inventory
• Add: Beginning raw materials inventory
• Add: Beginning work in process inventory
• Add: Ending finished goods inventory
• Add: Ending raw materials inventory
• Add: Ending work in process inventory

Options for the total cost

• Less Beginning finished goods inventory
• Less: Beginning raw materials inventory
• Less: Beginning work in process inventory
• Less: Ending finished goods inventory
• Less: Ending raw materials inventory
• Less: Ending work in process inventory

Options for the left column

• 000: No journal entry required
• 101: Cash
• 106: Accounts receivable, net
• 120: Raw materials inventory
• 121: Work in process inventory
• 122: Finished goods inventory
• 125: Prepaid expenses
• 126: Factory overhead
• 150: Factory Equipment
• 151: Accumulated depreciation - Factory equipment
• 201: Accounts payable
• 202: Wages payable
• 210: Income taxes payable
• 220: Notes payable (short-term)
• 310: Common stock, $5 par value
• 312: Paid-in capital in excess of par - Common
• 318: Retained earnings
• 401: Sales
• 502: Cost of goods sold
• 610: Selling expenses
• 615: General and administrative expenses
• 630: Income taxes expense
• 700: Income summary

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 General Journal tab - Prepare journal entries to record the transactions of Marcelino Company during the month of April. Job Costs tab - Calculate the total cost, and account classification for each job worked on during April. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Marcelino Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April. Journal entry worksheet 1 2 3 4 5 6 7 8 13 a. Record the purchase of materials (on credit). Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Dates: Mar 31 to: Apr 30 General Ledger Account Cash Accounts receivable, net No. Date Debit Credit No. Date Debit Credit Balance Balance 450,000 Mar 31 Mar 31 180,000 Raw materials inventory Work in process inventory No. Date Debit Credit No. Date Debit Credit Balance Balance 80,000 Mar 31 Mar 31 121,000 Factory Equipment Accumulated depreciation - Factory equipment No. Date Debit Credit No. Debit Credit Balance 510,000 Date Mar 31 Balance 153,000 Mar 31 Accounts payable Common stock, $5 par value No. Date Debit Credit Balance No. Date Debit Credit Balance 250,000 Mar 31 45,000 Mar 31 Paid-in capital in excess of par - Common Retained earnings No. Date Debit Credit Balance No. Date Debit Credit Balance 743,000 Mar 31 150,000 Mar 31 Requirement verreal Journal "Veneral Ledger Trial Balance Job Costs CUSTOyuvus"...... Gross Profit MfG Dates: Mar 31 to: Apr 30 Marcelino Company Trial Balance April 30, 2019 Account Title Debit Credit Cash $ 450,000 180,000 80,000 121,000 510,000 Accounts receivable, net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 153,000 45,000 250,000 150,000 743,000 1.341,000 $ 1,341.000 $ 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 29,000 20,000 10,000 59,000 35,000 18,000 9,000 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 Total cost of jobs At the end of April, indicate which account should include each job's costs. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Marcelino Company for the month of April. Dates: Mar 31 to: Apr 30 MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process 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 Gross profit Cost of Goods Mfg Gross Profit >