Problem 15-1A Production costs computed and recorded; reports prepared C2 P1 P2 P3 P4 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 s 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 Determine (note that indirect labor and indirect materials will be removed from the exam questions) 1. Ending RMI 2. Ending WIP 3. Ending FGI 4. Cost of Goods Manufactured 5. COGS 6. Gross Profit 7. journal entry for under/overapplied factory overhead 8. Assume the same facts as the question EXCEPT that the amount of underapplied factory overhead is $80,000. Prepare the journal entry assuming that the underapplied factory overhead is now $80,000