Required information [The following information applies to the questions displayed below) Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $560,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $56,000; Indirect labor, $23,000: factory rent, $34,000; factory utilities, $20,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 388 Balances on March 31 Direct materials $ 28,000 $ 45,000 Direct labor 24,000 15,000 Applied overhead 12,000 7,500 Costs during April Direct materials 138,000 205,000 $110,000 Direct labor 102,000 154,000 102,000 Applied overhead Finished Finished Status on April 30 (sold) (unsold) process ? ? ? In 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). 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 $ $ $ 73,000 28,000 24,000 12,000 45,000 15,000 7,500 39,000 19,500 From March Direct Materials Direct Labor Applied overhead Beginning goods in process For Apri Direct Materials Direct Labor Applied overhead Total costs added in April $ 0 138,000 102,000 205,000 154,000 110,000 102,000 483,000 358,000 0 240,000 359,000 212,000 811.000 Total costs (April 30) Finished (sold) Finished (unsold) Status on April 30 April 30 cost included in in process 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 t. 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. 1. 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 ist Journal entry worksheet 1 2 3 4 5 6 7 8 13 Record the entry for Materials purchases (on credit). Note: Enter debts before credits Transaction Credit Debit General Journal View transaction list 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 Record entry Clear entry View general journal Journal entry worksheet 1 .... ... 6 7 89 10 11 13 Record the Cost of goods sold for Job 306. Note: Enter debits before credits. Transaction General Journal Dobit Credit h. View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 6 7 8 9 10 11 12 13 Record the revenue from the sale of Job 306. Note: Enter debits before credits. General Journal Debit Credit Transaction i Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 ..... 6 7 8 9 10 11 12 13 Record the entry for assignment of any underapplied or overapplied overhead to the cost of Goods Sold. Note: Enter debits before credits. General Journal Debit Credit Transaction 1. Record entry Clear entry View general journal 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 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 Compute gross profit for April Gross profit Recured Required 48 > Required 4A Required 4B Show how to present the inventories on th Inventories Raw materials Work in process Finished goods Total inventories