(The following information applies to the questions displayed below.) Marcelino Co's March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000, Overhead costs incurred in April are: Indirect materials, $50,000; indirect labor , $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April . Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct Materials $ 29,000 $ 35,000 Direct labor 20.000 18,000 Applied overhead 9,000 Costs during April Direct materials 135,000 150,000 105,000 Applied overhead Finished Status on April 30 (old) (unsold) process 10,000 220,000 $100,000 Direct labor 85.000 2 In Finished a. Materials purchases (on credit). b. Direct materials used in production c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e Overhead costs applied to Work in Process Inventory t. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash) 9. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306, 1. Revenue from the sale of Job 306 J. Assignment of any underopplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not materials Required information No Transaction Credit General Journal Debit 500,000 4 1 a Raw materials inventory Accounts payable >IS 500,000 2 b. 455,000 Work in process inventory Raw materials Inventory 455,000 3 C 317,000 Work in process inventory Cash OG 317,000 > 4 d. 23,000 Factory overhead Accounts payable X 23,000 5 e 170,000 Work in process inventory Factory overhead 170,000 6 f(1) 51,000 Factory overhead Cash X 51,000 7 (2) 51,000 Factory overhead Accumulated depreciation factory equipment 51,000 8 (3) Factory overhead . 50,000 Required information f(2) > 7 51,000 Factory overhead Accumulated depreciation-factory equipment 51,000 8 f(3) 50,000 Factory overhead Raw materials inventory >$ 50,000 9 f(4) Raw materials inventory 10 828,500 9 Finished goods inventory Work in process inventory 828,500 O 11 h 321,500 Cost of goods sold Finished goods inventory 321,500 12 Cash 635,000 >$ Accounts payable 635,000 13 5,000 Cost of goods sold Factory overhead 5,000