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Problem 19-2A Computing and recording Job costs; preparing schedule of cost of goods manufactured P1 EP2 P3 P4 Marco Company shows the following costs for the jobs worked on in April Job 306 Dob 307 Job 08 $29.000 20.000 10.000 $ 35,000 18,000 9.000 Balances on March 31 Direct materials used in March) Duect labor used in March Overhead applied (March Costs during And Direct materials used Direct laborused Overhead applied Status on April 30 135.000 220.000 150,000 5100.000 105,000 85.000 Finched told Finished (old) in process Additional Information Raw Materials mentory usa March 1 balance of 580,000 h. Raw materials purchases in April are 5500,000, and total factory payroll cost in April is 5363,000 c. Actual overheid costs incurred in April are indirect materials: 550,000: Budirect labor, 523,000; factory rent, 532.000; factory utilities: $19.000, and factory equipment depreciation. 551.000 d. Predetermined overhead rite is 50% or direct labor cost. 6.108.306 bol for 5635,000 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 Marchi 1. Prepare journal entries for the month of April to record the following 2. Materials purchases (on credit, b. Direct materials used: c. Direct lobor used and paid in cash) and assigned to Work in Process Inventory d. Indirect materials used and assigned to Factory Overhead e. Indirect laborused (and paid in cash) and assigned to Factory Overhead 1. Overhead costs applied to Work in Process Inventory B. Actual other overhead costs incurred (Factory rent and utilities are paid in cash 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 con credit), b. Direct materials used. c. Direct laborused 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! 1. Overhead costs applied to Work in Process Inventory g. Actual other overhead costs incurred. (Factory rent and titilities are paid in cash. h. Transfer of Jobs 306 and 307 to Finished Goods Inventory 1. 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 Check trace 5. Compute gross profit for April. Show how the three inventory accounts are reported on the April 30 balance sheet