Required information [The following information applies to the questions displayed below.] Ciolino Co.'s March 31 inventory of raw materials is $130,000. Raw materials purchases in April are $490,000, and factory payroll cost in April is $195,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $13,000; factory rent, $15,000; factory utilities, $12,000; and factory equipment depreciation, $16,500. The predetermined overhead rate is 45% of direct labor cost. Job 306 is sold for $370,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 15,000 19,000 8,550 $ 20,000 9,000 4,050 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 75,000 17,000 ? 160,000 65,000 ? $ 75,000 100,000 ? Status on April 30 Finished (sold) Finished (unsold) In process a. Materials purchases (on credit), factory payroll (paid in cash), and actual overhead costs including indirect materials and indirect labor. (Factory rent and utilities are paid in cash.) b. Assignment of direct materials, direct labor, and applied overhead costs to the Goods in Process Inventory. c. Transfer of Jobs 306 and 307 to the Finished Goods Inventory. d. Cost of goods sold for Job 306. e. Revenue from the sale of Job 306. f. 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. 1 Record raw material purchases on credit. 2 Record factory payroll paid in cash. 3 Record indirect materials. 4 Record indirect labor. 5 Record factory rent paid in cash. 6 Record the factory utilities paid in cash. 7 Record other factory overhead. 8 Record the entry to assign direct materials to jobs. 9 Record the entry to assign direct labor to jobs. 10 Record the entry to apply overheads to jobs. 11 Record the entry for transfer of Jobs 306 and 307 to the Finished Goods Inventory. Record one debit and one credit for the total of both jobs. 12 Record the Cost of goods sold for Job 306. 13 Record sale of Job 306. 14 Record the entry to assign underapplied /overapplied overhead to Cost of goods sold