GL1501 - Based on Problem 15-1A LO C2, P1, P2, P3, P4 Stam Co's March 31 inventory of raw materials is $195,000. Raw materials purchases in April are $740,000, and factory payroll cost in April is $662,000. Overhead costs incurred in April are: Indirect materials, $112,000; indirect labor. $92,000; factory rent $64,000; factory utilities, $65,000; and factory equipment depreciation, $74,000. The predetermined overhead rate is 70% of direct labor cost. Job 306 is sold for $1,220,000 cash in April. Costs of the three Jobs worked on in April follow. Job 306 Job 307 Job 388 Balances on March 31 Direct materials $ 75,000 $104,000 Direct labor 66,000 41,000 Applied overhead 46,200 28,700 Costs during April Direct materials 181,000 289,000 $146,000 Direct labor 177,000 265,000 128,000 Applied overhead Status on April 30 Finished Finished (sold) (unsold) process 2 Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mlg Gross Profit Prepare journal entries for the month of April's transactions. View transaction list Journal entry worksheet a. Record the purchase of materials (on credit). Note: Enter debits before credits Date Account Title Apr 30 Debit Credit Record entre Cloncentry View.generalinurnal Prev 1 of 3 !!! Next > General Ledger Account Cash No. Date Mar 31 Debit Credit Accounts receivable, net Balance 680,000 No. Date Mar 31 Debit Credit Raw materials inventory Balance 272,000 No. Date Mar 31 Debit Credit Balance 195,000 No. Work in process inventory Debit Credit Date Mar 31 Balance 360,900 Factory Equipment Debit Credit No. Date Mar 31 Balance 740,000 No. Accumulated depreciation - Factory equipment Date Debit Credit Balance Mar 31 222,000 No. Date Mar 31 Accounts payable Debit Credit Balance No. Date Mar 31 Common stock, 55 par value Debit Credit 91,000 Paid-in capital in excess of par - Common Date Debit Credit Mar 31 Balance 273,000 No. Balance 173,000 No. Retained earnings Debit Credit Date Mar 31 Balance 1,488,900 TRADE Prev 1 of 3 Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop- which account in the ledger should include the job's costs as of April 30. Job 306 Dates: Mar 31 Job 307 to: Beginning Work in Process (March costs) Direct materials Direct labor Applied overhead Total Beginning Work in Process inventory Job 308 $ April Total 75,000 $ 66,000 46,200 187,200 104,000 41,000 28,700 173,700 $ 360,900 Costs added in April Direct materials Direct labor Applied overhead Total costs added in April $ 181,000 $ 177,000 289,000 265,000 146,000 128,000 358,000 Total cost of jobs At the end of April, indicate which account should nclude each job's costs 554,000 616,000 570,000 0 1,186,000 274,000 $ Trial Balance Cost of Goods Mfg> 1 General Requirement General Trial Balance Job Costs Cost of Goods Journal Gross Profit Ledger Mfg Prepare a schedule of cost of goods manufactured for Stam Company for the month of April. Dates: Mar 31 STAM COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 pped to: Apr 30 ook ences Total manufacturing costs added during April Total cost of work in process Complete this question by entering your answers in the tabs below. Requirement General General Journal Ledger Trial Balance Cost of Goods Job Costs Gross Profit Mfg Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Stam Com month of April. Dates: Mar 31 to: Apr 0 Gross profit 0