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 $ 26,000 21,000 10,500 $ 41,000 19,000 9,500 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 30 133,000 105,000 ? Finished (sold) 210,000 152,000 ? Finished (unsold) $ 105,000 104,000 2 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $381,000. c. Actual overhead costs incurred in April are indirect materials, $60,000; indirect labor, $20,000; factory rent, $33,000; factory utilities, $25,000; and factory equipment depreciation, $58,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $660,000 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 Transaction General Journal Debit Credit 1 a. 550.000 Raw materials inventory Accounts payable 550.000 2 b. 448,000 Work in process inventory Raw materials inventory 448.000 3 c 361,000 Work in process inventory Cash 361.000 4 d. 80,000 Factory overhead Raw materials inventory 60.000 5 e. Factory overhead 20,000 Cash 20.000 6 f. Work in process inventory Factory overhead 7 9. Factory overhead Cash Accumulated depreciationFactory equipment 8 h. Finished goods inventory Work in process inventory 9 i. Cost of goods sold Finished goods inventory 10 j. Cash 660,000 Sales 680.000