Problem $19-2$A Computing and recording job costs; preparing schedule of cost of goods manufactured $$ P$1$

Marco Company shows the following costs for three jobs worked on in April.

Direct Materials Used $($in March$)$: Job $306-29,000$ Job $307-35,000$ Job $308-0$

Direct Labor used $($in March$)$: Job $306-20,000$ Job $307-18,000$ Job $308-0$

Overhead applied $($in March$)$: Job $306-10,000$ Job $307-9,000$ Job $308-0$

Direct Materials used $($In April$)$ Job $306-135,000$ Job $307-220,000$ Job $308-100,000$

Direct Labor used $($in April$)$ Job $306-85,000$ Job $307-150,000$ Job $308-105,000$

Overhead Applied $($in April$)$ Job $306-?$ Job $307-?$ Job $308-?$

Additional information

a$.$ Raw Materials Inventory has a March $31$ balance of $$80,000.$

b$.$ Raw materials purchases in April are $$500,000,$ and total factory payroll cost in April is $$363,000.$

c$.$ Actual 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.$

d$.$ Predetermined overhead rate is $50\%$ of direct labor cost.

e$.$ Job $306$ is sold for $$635,000$ cash in April.

Required

$1)$ Determine the amount of overhead applied to each job in April.

$2)$ Determine the total cost assigned to each job as of April $30($including the balances from March $31).$

$3)$ Prepare journal entries for the month of April to record the following.

a$.$ Materials purchases $($on credit$).$

b$.$ Direct materials used.

c$.$ Direct labor used $($and paid in cash$)$ and assigned to Work in Process Inventory.

d$.$ Indirect materials used and assigned to Factory Overhead.

e$.$ Indirect labor used $($and paid in cash$)$ and assigned to Factory Overhead.

f$.$ Overhead costs applied to Work in Process Inventory.

g$.$ Actual other overhead costs incurred. $($Factory rent and utilities are paid in cash.$)$

h$.$ Transfer of Jobs $306$ and $307$ to Finished Goods Inventory.

i$.$ Cost of goods sold for Job $306.$

j$.$ Revenue from the sale of Job $306$ received in cash.

k$.$ Close underapplied or overapplied overhead to the Cost of Goods Sold account.

$4)$ Prepare a schedule of cost of goods manufactured.

$5)$ Compute gross profit for April. Show how the three inventory accounts are reported on the April $30$ balance sheet.