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. Job 306 Job 307 Job 308 Balances on March 31 Direct labor used (in March) Direct materials used (in March) Overhead applied (March) $ 25,000 24,000 12,000 $ 40,000 18,000 9,000 Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 135,000 104,000 ? Finished (sold) ? 205,000 $ 100,000 152,000 103,000 ? Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $590,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $58,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $21,000; and factory equipment depreciation, $56,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 cash in April. Problem 15-2A (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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 11 > Record the entry for material purchased on credit. Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the indirect materials used. Note: Enter debits before credits. Transaction d. General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 678 11 ----- Record the indirect labor (paid in cash). Note: Enter debits before credits. Transaction e. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 678 11 > Record the application of overhead costs. Note: Enter debits before credits. Transaction f. General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 456 7 80 11 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Transaction g. General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Transaction h. General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 .... 4 5 6 7 8 9 10 11 Record the cost of goods sold for Job 306. Note: Enter debits before credits. Transaction i. General Journal Debit Credit View general journal Record entry Clear entry