Required information Problem 15-2A (Static) 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. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 Additional Information Job 306 Job 307 Job 308 $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 135,000 85,000 ? Finished (sold) 220,000 $ 100,000 150,000 ? 105,000 ? Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. Problem 15-2A (Static) 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. Answer is not complete. 1 No a. Transaction General Journal Raw materials inventory Accounts payable 2 b. Work in process inventory Raw materials inventory Debit Credit 500,000 500,000 455,000 455,000 3 C. Work in process inventory 340,000 Cash 340,000 4 d. Factory overhead Cash 23,000 23,000 5 e. Work in process inventory Factory overhead 170,000 170,000 6 f. Factory overhead 50,000 Raw materials inventory 50,000 7 g. Factory overhead Cash 19,000 x 19,000 8 h. Factory overhead 51,000 Accumulated depreciation-Factory equipment 51,000 9 i. Factory overhead 32,000 32,000 10 10 j. Finished goods inventory Work in process inventory 828,500 x 828,500 x 11 k. Cost of goods sold 321,500 X Finished goods inventory 321,500 x