Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 29,000 20,000 10,000 $ 35,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 135,000 85,000 ? Finished (sold) 220,000 150,000 ? Finished (unsold) $100,000 105,000 ? In process Job 306 Job 307 Job 308 April Total From March Direct Materials Direct Labor 29,000 20,000 10,000 59,000 35,000 18,000 9,000 62,000 $ 64,000 38,000 19,000 $ 121,000 0 Applied overhead Beginning goods in process For April Direct Materials 135,000 85,000 42,500 Direct Labor 220,000 150,000 75,000 100,000 105,000 455,000 340,000 170,000 965,000 Applied overhead 52,500 Total costs added in April 262,500 445,000 257,500 Total costs (April 30) 321,500 507,000 257,500 1,086,000 Status on April 30 April 30 cost included in: Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory In process Work in process inventory Journal entry worksheet 1 2 3 4 5 6 7 8 13 Record the entry for Materials purchases (on credit). Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal