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Required information Problem 2-2A (Algo) Computing and recording job costs, preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [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 $ 26,000 23,000 11.500 $ 42,000 18,000 9.000 Balances on March 31 Direct naterials 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 $ 115,000 102,000 131,000 103,000 7 Finished (Hold) 210,000 152,000 7 Finished (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000 c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect lobor, $23,000; factory rent, $31,000: factory utilities, $21,000, and factory equipment depreciation, $52.000, d. Predetermined overhead rate is 50% of direct labor cost e. Job 306 is sold for $695,000 cash in April Problem 2-2A (Algo) Part 3 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. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $695,000 cash in April. Problem 2-2A (Algo) Part 3 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 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 View journal entry worksheet No Transaction General Journal Credit Debit 550,000 1 a Raw materials inventory Accounts payable 550,000 2 b 456,000 Work in process inventory Raw materials inventory 450,000 3 357,000 Work in process inventory Cash 357.000 d. 53,000 Factory overhead Raw materials inventory 53,000 2 5 23,000 Factory overhead Cash 23,000 6 5 178,500 Work in process inventory Factory overhead 178,500 2 b. 456,000 Work in process inventory Raw materials inventory 456,000 >> >> 3 3 c. 357,000 Work in process inventory Cash 357,000 4 d. 53,000 Factory overhead Raw materials inventory > 53,000 5 e. Factory overhead Cash 23,000 lo 23,000 6 f. 178,500 Work in process inventory Factory overhead 178,500 7 g. 104,000 Factory overhead Cash 52,000 8 h. 853,000 Finished goods inventory Work in process inventory Olo 853,000 9 346,000 Cost of goods sold Finished goods inventory 346,000 10 695,000 Cash Sales > 695,000 11 k 24,000 Cost of goods sold Factory overhead >IS 6 Saved Job 306 Job 307 Job 308 $ 26,000 23,000 11,500 $ 42,000 18,000 9,000 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 30 131,000 103,000 210,000 152,000 ? Finished (unsold) $ 115,000 102,000 ? Finished (sold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000. c. Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $23,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $695,000 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. Reg SA Req 5B Compute gross profit for April. Gross profit ROSA Req 5B > Job 306 Job 307 Job 308 $ 26,000 23,000 11,500 $ 42,000 18,000 9,000 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 30 131,000 103,000 2 Finished (sold) 210,000 152,000 2 Finished (unsold) $ 115,000 102,000 7 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $88,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $380,000 c. Actual overhead costs incurred in April are indirect materials. $53,000; Indirect labor, $23,000; factory rent. $31,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $695,000 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. Reg 5A Reg 58 Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0