Required information Problem 15-2A (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. Additional Information a. Raw Materials Inventory has a March 31 balance of $87,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $390,000. c. Actual overhead costs incurred in April are indirect materials, $60,000; indirect labor, $26,000; factory rent, $31,000; factory utilities, $20,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April. Problem 15-2A (Algo) Part 1 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 March 31). 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. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April. Required information Problem 15-2A (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. Additional Information a. Raw Materials Inventory has a March 31 balance of $87,000. b. Raw materials purchases in April are $530,000, and total factory payroll cost in April is $390,000. c. Actual overhead costs incurred in April are indirect materials, $60,000; indirect labor, $26,000; factory rent, $31,000; factory utilities, $20,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April. Problem 15-2A (Algo) Part 1 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 March 31). 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. 4. Prepare a schedule of cost of goods manufactured for the month end April 30. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April