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 March Direct materials used Direct labor used Overhead applied Status on April 30 Direct materials Direct labor Overhead applied Work in process, beginning April Direct materials Direct labor Overhead applied Costs added in April Total costs Status on April 30 April 30 cost included in: S S Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost in April is $381,000. c. Actual overhead costs incurred in April are Indirect materials, $58,000; Indirect labor, $25,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 cash in April. Job 306 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). 30.000 24,000 12,000 66.000 Job 386 136.000 102,000 51,000 289.000 355.000 $ 30,000 24,000 12,000 S Finished (sold) Cost of goods sold 136,000 102,000 2 Finished (sold) $ Job 387 $ $ 42,000 15,000 7,500 Job 307 210,000 $ 105,000 150,000 104,000 ? ? Finished In process (unsold) Job 308 42,000 15,000 7,500 64,500 210,000 150,000 75,000 435,000 499,500 $ Finished (unsold) Finished goods inventory $ Job 308 0 105,000 104,000 52,000 261,000 261,000 S In process Work in process inventory April Total S 130.500 451,000 356,000 178,000 985.000 $ 1,115,500 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 Job 306 $ 30,000 24,000 12,000 136,000 102,000 2 Finished (sold) Job 387 $ 42,000 15,000 7,500 210,000 150,000 ? Finished (unsold) Job 308 $ 105,000 104,000 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $89,000. b. Raw materials purchases in April are $580,000, and total factory payroll cost In April is $381,000. c. Actual overhead costs incurred in April are Indirect materials, $58,000; Indirect labor, $25,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $54,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $680,000 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. 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. No 1 2 3 4 5 6 7 8 9 10 11 Transaction 3. b. C. d. f. h. i. k. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Work in process inventory Cash Factory overhead Cash Work in process inventory Factory overhead Factory overhead Raw materials inventory Factory overhead Cash Answer is not complete. General Journal Factory overhead Cash Factory overhead Accumulated depreciation-Factory equipment Finished goods inventory Work in process inventory Cost of goods sold Finished goods inventory >> >> >X XX XX 33 XX XX Debit 580,000 451,000 356,000 25,000 178,000 58,000 33,000 21,000 54,000 854,500 355,000 Credit 580,000 451,000 356,000 25,000 178,000 58,000 X 33,000 X 21,000 54,000 X 854,500 x 355,000