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) Costs during April Overhead applied (March) Direct materials used i Overhead applied Status on April 30 Direct labor used Job 306 Job 307 Job 308- $ 29,000 20,000 10,000 $ 35,000 18,000 9,000 135,000 85,000 2 Finished 220,000 $ 100,000 150,000 2 Finished 105,000 2 (sold) (unsold) In process Additional Information 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. 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. 1. Cost of goods sold for Job 306. 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. View transaction list Journal entry worksheet 2 3 4 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 Journal entry worksheet < 1 2 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 Journal entry worksheet < 1 2 3 4 5 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 View transaction list Journal entry worksheet < 1 2 3 Record the indirect materials used. Note: Enter debits before credits. Transaction d. 5 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 indirect labor (paid in cash). Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 4 5 Record the application of overhead costs. Note: Enter debits before credits. Transaction 05 1. 9 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 actual other overhead costs incurred (Factory rent and utilities are paid in cash.) Note: Enter debits before credits. Transaction g. 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 transfer of Jobs 306 and 307 to Finished Goods Inventory. Note: Enter debits before credits. Transaction h. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 ... 4 5 6 7 8 9 11 Record the cost of goods sold for Job 306. Note: Enter debits before credits. Transaction i. General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet > 1. 4 5 6 7 8 9 Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits, Transaction j. 10 11 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet > 1 ... 4 5 6 7 8 9 10 11 Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note: Enter debits before credits. Transaction k. General Journal Debit Credit Record entry Clear entry View general journal