Required information [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) $ 31, 090 $ 37,000 Direct labor used (in March) 22, 090 20, 000 Overhead applied (March) 12, 090 11, 060 Costs during April Direct materials used 140, 090 225,000 $ 105, 000 Direct labor used 87,060 155,060 110, 900 Overhead applied Status on April 30 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. . Raw materials purchases in April are $505,000, and total factory payroll cost in April is $368,000. c. Actual overhead costs incurred in April are indirect materials, $51,250; indirect labor, $24,250; factory rent, $33,250; factory utilities, $20,250; and factory equipment depreciation, $52,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $640,000 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. View transaction list Journal entry worksheet 2 3 5 6 7 11 >View transaction list Journal entry worksheet 1 1 1 1 1 1 4 5 6 7 8 9 11 Record the cost of goods sold for Job 306. Note: Enter debits before credits. Transaction General Journal Debit Credit i. Record entry Clear entry View general journalView transaction list Journal entry worksheet Record the entry for material purchased on credit. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journala. 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 Record the direct materials used in production. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journalJournal entry worksheet 2 4 5 6 7 11 > Record the direct labor (paid in cash). Note: Enter debits before credits. Transaction General Journal Debit Credit C. Record entry Clear entry View general journalView transaction list Journal entry worksheet Record the indirect labor (paid in cash). Note: Enter debits before credits. Transaction General Journal Debit Credit e. Record entry Clear entry View general journalView 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 General Journal Debit Credit f. Record entry Clear entry View general journalView transaction list Journal entry worksheet