Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 The following information applies to the questions displayed below) Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are indirect materials, 551,000, indirect labor, $22.000; factory rent, $35,000; factory utilities, $25,000, and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675.000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 387 Job 388 Balances on March $ 41,000 19,000 9,500 Direct $ 30,000 materials Direct labor 21,000 Applied 10,500 overhead Costs during April Direct 138, eee materials Direct labor 101, Applied overhead Status on April Finished 30 (sold) 210,eee 151,000 $115,000 185, 089 Finished (unsold) In process Problem 15-1A Part 1 Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and th assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total $ 71,000 30,000 21,000 10,500 41,000 19,000 9,500 40,000 20,000 From March Direct Materials Direct Labor Applied overhead Beginning goods in process For April Direct Materials Direct Labor Applied overhead Total costs added in April Total costs (April 30) Status on April 30 April 30 cost included in: 138,000 101,000 210,000 151,000 115,000 105,000 463,000 357,000 239,000 361,000 220,000 820,000 Finished (sold) Finished (unsold) In process Required information a. 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.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. i. 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 ma 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet