Required information [The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $90,000 Raw materials purchases in April are $550,000, and factory payroll cost in April is $380,000 Overhead costs incurred in April are indirect materials, $58,000 indirect labor, $25,000 factory rent $37.000; factory utilities, $20.000; and factory equipment depreciation, $51.000 The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $680,000 cash in April . Costs of the three Jobs worked on in April follow Job 306 Job. 307 Job 380 $ 26,000 25,000 12,500 549.000 13,000 6,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct saterials Direct labor Applied overhead Status on April 30 132,000 100,000 205,000 152,000 $120,000 103,000 Finished (sold) Finished (unsold) 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 1. 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 test Journal entry worksheet 2 3 4 6 13 7 8 Record the entry for Materials purchases (on credit) Not: Edebite before create Debit General Jour Transaction Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 23 4 5 6 7 CD 13 > Record the direct materials used in production, Note: Enter debits before credits Transaction General Journal Debit Crdit Record entry Clear entry View general Journal View transaction list Journal entry worksheet 7 13 1 8 . Record the indirect labor paid and assigned to Factory Overhead. Note: Enter debits before credits. Debit Credit Transaction General Joumal d Record entry Clear entry View general journal View Journal entry worksheet 8 > 13 13 ... ERR Record the cost of factory rent, paid in cash. Note: Enter debits before credits General Journal Debic Credit Transaction f(4) Record entry Clear entry View general journal Journal entry worksheet 7 5 8 9 10 13 . . Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory. Notes Enter debits before credits. Debit Credit Transaction General Journal 9 Record entry Clear entry View general journal Journal entry worksheet 9 8 10 11 13 1 6 .. Record the cost of goods sold for Job 306. Note: Enter debits before credits Debit Credit Transaction General Journal Record entry Clear entry View general journal Journal entry worksheet 9 7 10 11 6 12 13 1 OVER Record the revenue from the sale of Job 306. Note: Enter debits before credits General Journal Debit Transaction Credit Record entry Clear entry View general journal Journal entry worksheet 6 7
