Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $57,000 indirect labor. $26.000; factory rent, $32,000; factory utilities, $22.000and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 26,000 23,000 11,500 $41,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 134,000 100,000 200,000 152, 000 $115,000 101,000 Finished (sold Finished (unsold In process 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total From March $ Direct Materials Direct Labor 26.000 23.000 11.500 60,500 41,000 16 000 8,000 65,000 $ 67,000 39.000 19.500 $ 125,500 Applied overhead $ 0 Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April 134,000 100.000 200,000 152,000 115,000 101,000 449,000 363.000 0 802.000 234.000 352,000 216,000 Total costs (April 30) In process Status on April 30 April 30 cost included in Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory Work in process inventory Problem 02-1A Part 2 e. Materials purchases on credit b. Direct materials used in production c. Direct labor paid and assigned to work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including indirect materials Factory rent and utilities are paid in cash) 9. Transfer of Job 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306. L. Revenue from the sale of Job 306 J. Assignment of any underapplied or overapplied overhead to the cost of Goods Sold account (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions View transaction list Journal entry worksheet Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Help Save & ex Submit Check my work Sale ins Problem 02-1A Part 4 4-a. Compute gross profit for April 4.1. Show how to present the inventories on the April 30 balance sheet Complete this question by entering your answers in the tabs below Required A Required 40 Compute gross profit for April Required 40 ) Check my work State szeket 30 Pride handlas in proces te! Problem 02.1A Part 4 4-n. Comoute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet Complete this question by entering your answers in the tabs below. Required A Required 40 Show how to present the inventories on the April 10 balance sheet Inventores Work in process Fished goods Tower (Megured AA