GL1501 (Algo) - Based on Problem 15-2A LO P1, P2, P3, P4 Clancy 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) $ 33,400 $ 41,600 Direct labor (in March) 24,400 20,200 Applied overhead (March) 12,200 10,100 Costs during April Direct materials 139,400 226,600 $ 102,200 Direct labor 93,800 161,000 107,200 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Additional Information Raw Materials Inventory has a March 31 balance of $91,000. Raw materials purchases in April are $504,400, and total factory payroll cost in April is $387,200. Actual overhead costs incurred in April are indirect materials, $52,200; indirect labor, $25,200; factory rent, $34,200; factory utilities, $21,200; and factory equipment depreciation, $55,400. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April.

Transaction List for Journal Entries Needed

a. Record the purchase of materials (on credit).

2b. Record the direct materials used.

3c. Record direct labor used (and paid in cash) and assigned to Work in Process Inventory.

4d. Record the indirect materials used and assigned to Factory Overhead.

5e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead.

6f. Record the overhead costs applied to Work in Process Inventory.

7g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.)

8h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory.

9i. Record the cost of goods sold for Job 306.

10j. Record the revenue from the sale of Job 306 received in cash. 1

1k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account.