GL0201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4

Walters Company shows the following costs for three jobs worked on in April.

Job 306 Job 307 Job 308

Balances on March 31

Direct materials (in March) $ 29,800 $ 36,200

Direct labor (in March) 20,800 18,400

Applied overhead (March) 10,400 9,200

Costs during April

Direct materials 135,800 221,200 $ 100,400

Direct labor 86,600 152,000 105,400

Applied overhead ? ? ?

Status on April 30 Finished (sold) Finished (unsold) In process

Additional Information

Raw Materials Inventory has a March 31 balance of $82,000.

Raw materials purchases in April are $500,800, and total factory payroll cost in April is $367,400.

Actual overhead costs incurred in April are indirect materials, $50,400; indirect labor, $23,400; factory rent, $32,400; factory utilities, $19,400; and factory equipment depreciation, $51,800.

Predetermined overhead rate is 50% of direct labor cost.

Job 306 is sold for $600,000 cash in April.

GLO201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Walters Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 $ 29,800 20,800 10,400 $ 36,200 18,400 9,200 Balances on March 31 Direct materials (in March) Direct labor (in March) Applied overhead (March Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,800 86,600 ? Finished (sold) 221,200 152,000 ? Finished (unsold) $ 100,400 105,400 ? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000 b. Raw materials purchases in April are $500,800, and total factory payroll cost in April is $367,400. c. Actual overhead costs incurred in April are indirect materials, $50,400; indirect labor, $23,400; factory rent, $32,400; factory utilities, $19,400, and factory equipment depreciation, $51,800, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $600,000 cash in April Complete this question by entering your answers in the tabs below. General Journal Requirement General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit General Journal tab - Prepare journal entries to record the transactions of Walters Company during the month of April. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Prey 1 of 1 Next > Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Pront General Journal tab - Prepare journal entries to record the transactions of Walters Company during the month of April. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Job Costs tab - Calculate the total cost, and account classification for each job worked on during April. Cost of Goods Manufactured tab - Prepare a schedule of cost of goods manufactured for Walters Company during the month of April. Gross Profit tab - Calculate the gross profit on the sale of job(s) during April Roulement General Journal > View transaction list Journal entry worksheet Prepare journal entries for the month of April's transactions. View transaction list Journal entry worksheet 1 20 3 4 5 6 7 8 11 > HEBBE b. Record the direct materials used. Note: Enter debits before credits. Date Account Title Debit Credit April 30 Record entry Clear entry View general Journal 11 Juridi Leuyer Prepare journal entries for the month of April's transactions. View transaction list Journal entry worksheet > 11 8 5 7 ..... 6 3 3 Journal entry worksheet 1 2 3 5 6 7 8 ..... 11 > d. Record the indirect materials used and assigned to Factory Overhead. Note: Enter debits before credits. Account Title Debit Credit Date April 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 3 1 6 2. 4 GO > 7 11 8 ..... e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead. Note: Enter debits before credits. Account Title Debit Credit Date April 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 5 1 2 3 4 7 8 > 11 ..... f. Record the overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Debit Account Title Date Credit April 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet 8 6 11 5 J. Record the revenue from the sale of Job 306 received in cash. Note: Enter debits before credits Date Account Title Debit Credit April 30 Parodontni Cinsrann View oneral lournal VIEW Wam Journal entry worksheet Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Walters Company Trial Balance March 31, 2021 Credit $ Debit 458,000 188,000 82,000 124,800 512,000 Account Title Cash Accounts receivable. net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation - Factory equipment Accounts payable Common stock, $5 par value Paid-in capital in excess of par - Common Retained earnings Total 155,000 45,800 258,000 158,000 748,000 1,364,800 $ 1,364,800 $ Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indicate which account in the ledger should include the job's costs as of April 30. Job 306 Job 307 Job 308 April Total $ 29,800 $ 20,800 10,400 61,000 36,200 18,400 9,200 63,800 $ 124,800 $ Beginning Work in Process (March costs) Direct materials Direct labor Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials Direct labor Overhead applied Total costs added in April Total cost of jobs At the end of April, indicate which account should include each job's costs. 135,800 $ 86,600 221,200 152,000 100,400 105,400 457.400 344,000 Saved Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Walters Company for the month of April. WALTERS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Total manufacturing costs added during April Total cost of work in process Status on April 30 In proces (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $500,800, and total factory payroll cost in April is $367,400. c. Actual overhead costs incurred in April are indirect materials, $50,400: Indirect labor, $23,400; factory rent, $32,400; factory utilities, $19,400; and factory equipment depreciation, $51,800, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $600,000 cash in April. Complete this question by entering your answers in the tabs below. General Journal Requirement General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Walters Company for the month of April. Gross profit