GLO201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Williams 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) $ 81,000 $ 113,000 Direct labor (in March) 72,000 44,000 Applied overhead (March) 50,400 30.800 Costa during April Direct materials 187.000 298,000 $ 152,000 Direct labor 189,000 280,000 131,000 Applied overhead 2 2 2 Statue on April 30 Finished Finished (hold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $210,000 b. Raw materials purchases in April are $770,000, and total factory payroll cost in April is $701,000 c. Actual overhead costs incurred in April are indirect materials, $120.000, indirect labor, 5101000; factory rent. $62.000; factory utilities, $71,000, and factory equipment depreciation, $133,000. d. Predetermined overhead rate is 70% of direct labor cost. e. Job 306 is sold for $1,300,000 cash in April Cost of Goods Mfg Gross Profit General Requirement General Journal Ledger Trial Balance Job Costs Prepare journal entries for the month of April's transactions, No Dato Account Title 1 April 30 Accounts receivable, net Raw materials inventory Debit Credit 210,000 X 210,000 2. April 30 Accounts receivable, net Raw materials inventory $ 194,000 194,000 3 April 30 Accounts receivable, not Cash 116,000 > 116,000 4 April 30 120,000 Raw materials inventory Factory overhead 120,000 5 X April 30 Accounts receivable, net Cash 101,000 101,000 6 April 30 221,000 Accounts receivablo, not Work in process inventory 221,000 $ 7 April 30 Accounts payable Cash 131,000 $ 131.000 Prey 1 of 1 Next 4 April 30 Raw materials inventory Factory overhead 120,000 120,000 5 April 30 Accounts receivable, net Cash 101,000 O 101,000 6 April 30 Accounts receivable.net Work in process inventory X 221,000 221,000 7 April 30 Accounts payable Cash 131,000 131,000 3 8 April 30 No journal entry required 9 9 April 30 Cost of goods sold Cash 101,000 3 101,000 10 April 30 No joumal entry required 3 11 Apni 30 No journal entry required 3 Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Williams Company for the month of April. WILLIAMS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 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 Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Williams Company for the month of April. 0 0 Gross profit 116,000 4 April 30 120,000 Raw materials inventory Factory overhead 120,000 5 X April 30 Accounts receivable, net Cash 101,000 101,000 6 April 30 221,000 Accounts receivablo, not Work in process inventory 221,000 $ 7 April 30 Accounts payable Cash 131,000 $ 131.000 Prey 1 of 1 Next 4 April 30 Raw materials inventory Factory overhead 120,000 120,000 5 April 30 Accounts receivable, net Cash 101,000 O 101,000 6 April 30 Accounts receivable.net Work in process inventory X 221,000 221,000 7 April 30 Accounts payable Cash 131,000 131,000 3 8 April 30 No journal entry required 9 9 April 30 Cost of goods sold Cash 101,000 3 101,000 10 April 30 No joumal entry required 3 11 Apni 30 No journal entry required 3 Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare a schedule of cost of goods manufactured for Williams Company for the month of April. WILLIAMS COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 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 Mfg Gross Profit Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Williams Company for the month of April. 0 0 Gross profit