Required information Skip to question 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 materials used (in March) $ 29,000 $ 37,000 Direct labor used (in March) 24,000 18,000 Overhead applied (March) 12,000 9,000 Costs during April Direct materials used 134,000 210,000 $ 120,000 Direct labor used 104,000 155,000 103,000 Overhead applied Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $89,000 Raw materials purchases in April are $550,000, and total factory payroll cost in April is $386,000 Actual overhead costs incurred in April are indirect materials, $54,000 indirect labor, $24,000 factory rent, $34,000 factory utilities, $21,000 and factory equipment depreciation, $55,000 Predetermined overhead rate is 50 of direct labor cost Job 306 is sold for $650,000 cash in April 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

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Required information Skip to question [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on

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[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 materials used (in March)	$ 29,000	$ 37,000
Direct labor used (in March)	24,000	18,000
Overhead applied (March)	12,000	9,000
Costs during April
Direct materials used	134,000	210,000	$ 120,000
Direct labor used	104,000	155,000	103,000
Overhead applied	?	?	?
Status on April 30	Finished (sold)	Finished (unsold)	In process

Additional Information

Raw Materials Inventory has a March 31 balance of $89,000.
Raw materials purchases in April are $550,000, and total factory payroll cost in April is $386,000.
Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $24,000; factory rent, $34,000; factory utilities, $21,000; and factory equipment depreciation, $55,000.
Predetermined overhead rate is 50% of direct labor cost.
Job 306 is sold for $650,000 cash in April.

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.