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Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below) Marcelino Co's March 31 inventory of raw materials is $85,000 Raw materials purchases in April are $530,000, and factory payroll cost in April is $385,000 Overhead costs incurred in April are: indirect materials, $51,000 indirect labor, $26,000 factory rent, $37.000; factory utilities, $20,000, and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $645.000 cash in April. Costs of the three Jobs worked on in April follow. Job 306 Job 307 Job 308 $28,000 24,00 12,000 $ 37,000 14,000 7000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 136,000 102,000 210,000 155,000 $110,000 102,000 2 Finished (old) Finished (unsola) In process Required information Problem 15-1A Part 2 a. Materials purchases (on credit) b. Direct materials used in production, c. Direct labor paid and assigned to Work in Process Inventory d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory f. Actual overhead costs incurred, including indirect materials (Factory rent and utilities are paid in cash) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory h. Cost of goods sold for Job 306, 1. Revenue from the sale of Job 306 J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amoun not material.) 2. Prepare journal entries for the month of April to record the above transactions Required information View transaction list Journal entry worksheet Record the Direct labor paid and assigned to Work in Process Inventory. Note: Enter debits before credits Transaction Debit General Journal Work in process inventory Cash Credit C Record entry Clear entry View general journal Required information View transaction list Journal entry worksheet Record the cost of factory utilities, paid in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit f(2) Record entry Clear entry View general journal Required information View transaction list Journal entry worksheet