Required information [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 $ 45,000 19,000 9,500 136,000 104,000 215,000 152,000 $110,000 101,000 Finished (sold) Finished (unsold) In process a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $385,000. c. Actual overhead costs incurred in April are indirect materials, $54,000, indirect labor, $28,000; factory rent, $36,000; factory utilities, $21,000; and factory equipment depreciation, $57,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April View transaction list Journal entry worksheet 1 2 3 5 6 7 8 11 Record the entry for material purchased on credit. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal < 1 2 3 4 5 6 7 8 11 **** Record the direct materials used in production. Note: Enter debits before credits. Transaction b. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet the above transactions. < 1 2 3 4 6 7 8 11 Record the direct labor (paid in cash). Note: Enter debits before credits. Transaction C General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 10 5 Record the indirect materials used. Note: Enter debits before credits. Transaction d. 6 7 8 General Journal Debit Credit Record entry Clear entry View general journ j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold accou 3. Prepare journal entries for the month of April to record the above transactions. View transaction list Journal entry worksheet es < 1 2 3 4 5 Record the indirect labor (paid in cash). Note: Enter debits before credits. Transaction 6 7 8 11 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 11 Record the application of overhead costs. Note: Enter debits before credits. Transaction f. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 8 11 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Transaction 9. General Journal Debit Credit Record entry Clear entry View general journal < 1 2 3 4 5 6 7 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Transaction h. 11 > General Journal Debit Credit Record entry Clear entry View general journal nt View transaction list Journal entry worksheet rences < 1 4 5 6 7 Record the cost of goods sold for Job 306. Note: Enter debits before credits. Transaction 8 CO 6 9. 11 General Journal Debit Credit 173 Record entry Clear entry View general journal < 1 4 5 6 7 8 10 10 6 Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits. Transaction 11 General Journal Debit Credit A3 Record entry Clear entry View general journal < Prev 3 4 5 of 6 ournal entry worksheet 1 ... 4 5 6 7 CO 8 9 10 10 11 Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal