The following transactions occurred during the month of April for Nelson Company: Apr. 1 Purchased materials costing $4,610 on account. 3 14 Requisitioned materials totaling $4,800 for use in production, $3,170 for Job 518 and the remainder for Job 519. Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of $14 per hour. 15 Applied overhead using a plantwide rate of $6.20 per direct labor hour. 25 Incurred and paid in cash actual overhead for the month of $973. 27 Completed and transferred Job 518 to Finished Goods. 30 Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost ($2,770) plus 25%. (Enter this as two transactions.) Required: 1. Prepare journal entries for transactions from April 1 through 25. 2. (a) Prepare job-order cost sheets for Jobs 518 and 519. (b) Prepare journal entries for transactions on April 27 and 30. 14 Recorded 65 hours of direct labor on Job 518 and 90 hours on Job 519 for the month. Direct laborers are paid at the rate of $14 per hour. 15 Applied overhead using a plantwide rate of $6.20 per direct labor hour 25 Incurred and paid in cash actual overhead for the month of $973. 27 Completed and transferred Job 518 to Finished Goods. Required: 30 Sold on account Job 517, which had been completed and transferred to Finished Goods in March, for cost ($2,770) plus 25%. (Enter this as two transactions.) 1. Prepare journal entries for transactions from April 1 through 25 2. (a) Prepare job-order cost sheets for Jobs 518 and 519. (b) Prepare journal entries for transactions on April 27 and 30. 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was $1,025 and that the beginning balance in the work-in-process account was zero. CHART OF ACCOUNTS Nelson Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 131 Supplies 132 Prepaid Insurance 141 Raw Materials 142 Work in Process 143 Overhead Control 144 Finished Goods 170 Land REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 520 Insurance Expense 530 Wages Expense 540 Supplies Expense 550 Utilities Expense 560 Depreciation Expense 180 Equipment 181 Accumulated Depreciation LIABILITIES 210 Accounts Payable 220 Wages Payable 230 Utilities Payable 240 Lease Payable EQUITY 310 Common Stock 320 Retained Earnings 590 Miscellaneous Expense Amount Descriptions Add: Beginning work in process Add: Ending work in process Add: Overapplied overhead Add: Underapplied overhead Beginning raw materials inventory Cost of goods manufactured Current manufacturing costs Direct labor Ending raw materials Less: Beginning work in process Less: Ending work in process Less: Overapplied overhead Less: Underapplied overhead Overhead Direct labor Ending raw materials Less: Beginning work in process Less: Ending work in process Less: Overapplied overhead Less: Underapplied overhead Overhead Overhead applied Purchases of raw materials Raw materials used Total Total manufacturing costs Total raw materials available 1. Prepare journal entries for transactions from April 1 through 25. Refer to the Chart of Accounts for the exact wording of account tides. PAGE 1 GENERAL JOURNAL DATE ACCOUNT POST. REF DEBIT CREDIT 1 2 Total Taw matenas avalaure Chart of Accounts Amount Descriptions Journal Job-Order Cost Sheets 2(a) Prepare job-order cost sheets for Jobs 518 and 519. All amount cells must have an entry, enter zeros as needed. (Note. Return to the Journal to prepare the journal entries for April 27 and 30.) 2 Direct materials Direct labor Applied overhead Job-Order Cost Sheets Job 518 Job 519 3. Prepare a schedule of cost of goods manufactured for April. Assume that the beginning balance in the raw materials account was $1,025 and that the beginning balance in the work-in-process account was zero 1. Direct materials Nelson Company Schedule of Cost of Goods Manufactured For the Month Ended April 30