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 Direct materials used (in March) $ 36,200 Direct labor used (in March) Overhead applied (March) 27,200 17,200 $ 42,200 25,200 16,200 Costs during April Direct materials used 153,000 Direct labor used 92,200 Overhead applied 238,000 168,000 ? $ 118,000 123,000 P Status on April 30 Finished (sold) Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $87,200. b. Raw materials purchases in April are $518,000, and total factory payroll cost in April is $381,000. c. Actual overhead costs incurred in April are indirect materials: $54,500; indirect labor. $27.500: factory rent, $36,500: factory utilities. $26.500; and factory equipment depreciation, $55,500. d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $653,000 cash in April. 2 Determine the total cost assigned to each job as of April 30 (including the balances from March 31). March Job 306 Job 307 Direct materials 36,200 42,200 Direct labor Overhead applied 27.200 25,200 17,200 16,200 Work in process, beginning judy Direct materials Overhead applied Costs added in April 153,000 002 26 Total costs Status on April 30 Finished (sold) April 30 cost included in: 238,000 168,000 406.000 Finished (Unsold) Job 308 In process 118,000 000 821 April Total 002 268 0 008 888 000 809 0 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the entry for material purchased on credit. Transaction General Journal Debit Credit 4. Prepare a schedule of cost of goods manufactured for the month ended April 30. MARCO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs Total cost of work in process Cost of goods manufactured 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Reg 5A Rec 58 Compute gross profit for April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Raw materials Inventories + Work in process Finished goods Total inventories Reg 5A