Problem 19-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 35,800 26,800 16,800 41,800 24,800 15,800 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 152,000 91,800 ? Finished (sold) 237,000 167,000 ? Finished (unsold) $ 117,000 122,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $86,800. b. Raw materials purchases in April are $517,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $54,250; indirect labor, $27,250; factory rent, $36,250; factory utilities, $23,250; and factory equipment depreciation, $55,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $652,000 cash in April. Problem 19-2A (Algo) Part 3 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. 3. Prepare journal entries for the month of April to record the above transactions. Job 306 Job 307 Job 308 April Total March Direct materials 35,800 $ 41,800 Direct labor Overhead applied Work in process, beginning April 26,800 16,800 79,400 24,800 15,800 82,400 $ $ 0 $ 161,800 Direct materials 152,000 237,000 167,000 117,000 122,000 506,000 380,800 Direct labor 91,800 45,900 83,500 61,000 190,400 Overhead applied Costs added in April 300,000 300,000 1,077,200 $ 1,239,000 Total costs $ 289,700 $ 369,100 Finished (sold) Cost of goods sold 487,500 $ 569,900 Finished (unsold) Finished goods inventory In process Status on April 30 April 30 cost included in: Work in process inventory