GL1501 - Based on Problem 15-1A LO C2, P1, P2, P3, P4 Walters Co.'s March 31 inventory of raw materials is $100,000, Raw materials purchases in April are $580,000, and factory payroll cost in April is $415,000. Overhead costs incurred in April are: indirect materials, $87,000; indirect labor, $35,000; factory rent. $33,000: factory utilities $27.000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 60% of direct labor cost. Job 306 is sold for $710.000 cash in April. Costs of the three jobs worked on in April follow. Job 306 ob 307 Job 30 37.000 28,000 $ 47,000 22,000 13,200 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct saterials Direct labor Applied overhead Status on April 30 143,000 232,000 170,000 $100,000 109,000 101.000 Finished (sold) Finished (unsold) process Complete this question by entering your answers Requirement General Journal General Ledger In Job Costs cost of Goods Mig Gross Profit General Journal tab - Prepare journal entries to record the transactions of Walters Company during the month of April 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. 1 a. Record the purchase of materials (on credit). 2 b. Record direct materials used in production. 3 c. Record direct labor paid and assigned to Work in Process Inventory. 4 d. Record indirect labor paid and assigned to Factory Overhead. 5 e. Record overhead costs applied to Work in Process Inventory. 6 f1. Record the cost of indirect materials used. 7 f2. Record the cost of factory utilities paid in cash. 8 f3. Record the depreciation on factory equipment. 9 f4. Record the cost of factory rent, paid in cash. 10 g. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 11 h. Record the cost of goods sold for Job 306. 12 i. Record the revenue from the cash sale of Job 306. 13 j. Record the assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (Thement in nnt materini Requirement General Journal Gross Profit comes General Ledger Requirement e Trial Balonce Job Costs mat tallonce Cost of Goods Mfg Job Costs Cost of goods Dates: Mar 31 to: Apr 30 Walters Company Trial Balance April 30, 2019 Credit Account Title Cash Debit 490,000 196,000 680,000 164,000 550.000 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 165,000 633,000 254,000 154.000 874,000 2.080,000 2,080,000 $ Cost of Goods Requirement General Journal General Ledger Trial Balance Job Costs Gross Profit Mig 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. Dates: Mar 31 to: Apr 30 Job 306 Job 307 Job 308 April Total $ Beginning Work in Process (March costs) Direct materials Direct labor Applied overhead Total Beginning Work in Process inventory 143,000 28.000 16,800 187,800 47,000 22,000 13. 200 82,200 270,000 Costs added in April Direct materials Direct labor Applied overhead Total costs added in April 143,000 101 000 232,000 170,000 108.000 109.000 483.000 380,000 244,000 402,000 217,000 $ 363.000 Total cost of jobs At the end of April, indicate which account should include bach obs costs 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. Dates: Mar 31 to: Apr 30 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 Requirement General Journal General Ledger Trial Balance Job Costs Co Cost of Goods Gross Profit Mfg Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Walters Company for the month of April. Dates: Mar 31 to: Apr 30 Gross profit