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 $ 41,000 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) $ 27,000 23,000 11,500 13,000 6,500 Costs during April Direct materials used 205,000 Direct labor used 138,000 104,000 ? Finished $ 110,000 102,000 ? 150,000 ? Finished Overhead applied Status on April 30 In process (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $86,000. b. Raw materials purchases in April are $540,000, and total factory payroll cost in April is $381,000. c. Actual overhead costs incurred in April are indirect materials, $60,000; indirect labor, $25,000; factory rent, $39,000; factory utilities, $25,000; and factory equipment depreciation, $64,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $670,000 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. No 1 2 3 4 5 6 7 8 9 10 11 Transaction a. b. C. d. e. f. 9- h. i. j. k. Raw materials inventory Accounts payable Work in process inventory Raw materials inventory Work in process inventory Cash Factory overhead Raw materials inventory Factory overhead Cash Work in process inventory Factory overhead General Journal Factory overhead Cash Accumulated depreciation-Factory building Finished goods inventory Work in process inventory Finished goods inventory Interest revenue Cost of goods sold Factory overhead Cost of goods sold Cash >> Debit 57,000 X 464,000 357,000 51,000 22,000 178,500 122,000 865,500 356,500 630,000 16,500 Credit 57,000 464,000 357,000 51,000 22,000 178,500 61,000 61,000 865,500 356,500 630,000 16,500