[The following information applles to the questions displayed betow] Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. Problem 2-2A (Algo) Part 1 Required: 1. Determine the amount of overhead applied to each job in April. [The following information applies to the questons displayed below] Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. Problem 2-2A (Algo) Part 2 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). Marco Company stvows the following costs for theer jobs worked on ir Anck. Additional information a. Raw Materals inwentory has a March 3 balance of 593000 . b. Raw meterials purchases in Aptil are 55+0,000, and tota factory poyrol cost in Acri is 5304000 c. Actuat overbesd costs incurred in Aprit are indirect materals, 55.9000, indircet laboc; 529,000 , factory ient, $32,000; tectory utities, 321,000 ; and factery equiprinent oepreciation, $53,000 d. Predetermined overhead rate as 50/5 of dirbet laboe coct e. Job 306 is sold for $675,000 cash in Apri. Problem 2-2A (Algo) Part 3 a. Materials purchases (on crechit). b. Direct materials used. c. Direct Inbor used fand paid in cash) and assignted to Work in Process imwentory. d. Indilect materials used and astignod to Factory Overthead. e. lndirect labor used (and paid in cash) and assigned fo Factory Outhered: f. Overhead costs applied to Work in Process Invertory. g. Actual other overhead costs incurred (Factory rent and ue ilies are phid wr cash) h. Transfer of Jobs 306 and 307 to finithod Goods Ifventiony. 1. Cost of goods soid for Joh 306. F. Revenue from the sale of dob 306 recelved in cash. k. Olose underapplied or overapplied overhead to the Cost of Goods Sold accounc. 3. Prepare journal entries for the month of Aprit to tecord the above transactions. 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. 9. 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. 2 Record the direct materials used in product 3 Record the direct labor (paid in cash). 4. Record the indirect materials used. 5 Record the indirect labor (paid in cash). 6 Record the application of overhead costs. 7 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) 8. Record the transfer of Jobs 306 and 307 to Finished Goods Inventorv. Note : 0 = journal entry has been entered 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. 6 Record the application of overhead costs. 7 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) 8 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 9 Record the cost of goods sold for Job 306. 10 Record the revenue from the sale of Job 306 received in cash. 11. Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. Note : O= journal entry has been entered (The following information applies to the questions displayed below] Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. Problem 2-2A (Algo) Part 4 4. Prepare a schedule of cost of goods manufactured for the month end April 30 . Additional Information a. Raw Materials inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $510,000, and total factory payroll cost in April is $384,000. c. Actual overhead costs incurred in April are indirect materials, $55,000; indirect labor, $29,000; factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. Problem 2-2A (Algo) Part 5 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. Compute gross profit for April. Marco Company shows the following costs for three jobs worked on in April. Additional Information a. Raw Materials Inventory has a March 31 balance of $83,000. b. Raw materials purchases in April are $510,000, and total factory poyroll cost in April is $384,000. c. Actual overhead costs incurred in Aprit are indirect materials, $55,000; indirect labor, $29,000, factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $675,000 cash in April. Problem 2-2A (Algo) Part 5 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. Show how the three inventory accounts are reported on the April 30 balance sheet