Marco Company shows the following costs for three jobs worked on in April. Job 306 Job...

 

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Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 25,000 $ 43,000 21,000 10,500 16,000 8,000 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 30 140,000 102,000 7 Finished (sold) 220,000 152,000 ? Finished (unsold) $ 115,000 103,000 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect mate $51,000, indirect labor, $23,000; factory rent, $36,000; factory utilities, $22.000, and factory equipment depreciation, $58,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April e. Indirect labor used (and paid in cash) and assigned to Factory Overhead f. Overhead costs applied to Work in Process Inventory. 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. 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 L 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 Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 25,000 $ 43,000 21,000 10,500 16,000 8,000 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 30 140,000 102,000 7 Finished (sold) 220,000 152,000 ? Finished (unsold) $ 115,000 103,000 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $520,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect mate $51,000, indirect labor, $23,000; factory rent, $36,000; factory utilities, $22.000, and factory equipment depreciation, $58,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $685,000 cash in April e. Indirect labor used (and paid in cash) and assigned to Factory Overhead f. Overhead costs applied to Work in Process Inventory. 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. 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 L 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

Answer rating: 100% (QA)

Record the transactions for the month of April a Materials purchases on credit Date April Raw Materials Inventory 520000 Accounts Payable 520000 Date ... View the full answer