Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are indirect materials, $60,000; indirect labor. $27,000; factory rent, $36,000; factory utilities, $25,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 31,000 20,000 10,000 $ 40,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 104,000 215,000 153,000 ? Finished (unsold) $110,000 104,000 ? Finished (sold) In process Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total From March Direct Materials $ 31,000 20,000 10,000 40,000 15,000 7,500 $ 71,000 35,000 17,500 Direct Labor Applied overhead Beginning goods in process For April Direct Materials 135,000 104,000 215,000 153,000 110,000 104,000 460,000 361,000 Direct Labor Applied overhead Total costs added in April Total costs (April 30) Finished (sold) Finished (unsold) In process Status on April 30 April 30 cost included in: 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 material.) 2. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet ..... Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet Record the Direct labor paid and assigned to Work in Process Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journal Journal entry worksheet Record the indirect labor paid and assigned to Factory Overhead. Note: Enter debits before credits. General Journal Debit Credit Transaction d. Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 13 > Record the entry for Overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. General Journal Debit Credit Transaction e. Record entry Clear entry View general journal Journal entry worksheet Record the cost of indirect materials used. Note: Enter debits before credits. General Journal Debit Credit Transaction f(1). Record entry Clear entry View general journal Journal entry worksheet Record the cost of factory utilities, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction f(2) Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 5 6 7 8 13 > Record depreciation on factory equipment. Note: Enter debits before credits. General Journal Debit Credit Transaction f(3). Record entry Clear entry View general journal Journal entry worksheet .... Record the cost of factory rent, paid in cash. Note: Enter debits before credits. General Journal Debit Credit Transaction f(4) Record entry Clear entry View general journal Journal entry worksheet .... Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit g. Record entry Clear entry View general journal Journal entry worksheet ... Record the Cost of goods sold for Job 306. Note: Enter debits before credits. General Journal Debit Credit Transaction h. Record entry Clear entry View general journal Journal entry worksheet 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories