Make a journal entry for:

1. Record the cost of indirect materials used.

2.Record the cost of factory utilities, paid in cash.

3. Record the depreciation on factory equiptment.

4. Record the cost of factory rent, paid in cash.

5. Record the entry for transfer of Jobs 306 and 307 to Finished Goods Inventory.

6. Record the Cost of goods sold for Job 306.

7. Record the revenue from the sale of Job 306.

8. Record the entry for assignment of any underapplied or overapplied overhead to the Cost of Goods Sold.

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 $87,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $29,000; factory rent, $37,000; factory utilities, $21,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690.000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 43,000 $ 28,000 23,000 11,500 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costa during April Direct materials Direct labor Applied overhead 131,000 210,000 $100,000 103,000 101,000 152,000 2 Finished Finished Status on April 30 In process (sold) (unsold)