Problem 19-2A Computing and recording Job costs; preparing schedule of cost of goods manufactured P1 P2 P3 P4 Marco Company shows the following costs for three jobs worked on in April Job 306 Do 307 Job 308 $29.000 20.000 10.000 $ 35,000 18,000 9,000 Balances on March 31 Direct materials used in March Drect labor used in March Overhead applied (March Costs during Apr Direct materials used Direct laborused Dverhoud applied Status on April 30 135.000 85.000 220,000 150,000 5100.000 105.000 Finished cold Finished inold In process Additional Information 2. Raw Materials Torventory has a Marchal balance of 580,000 b. Raw materials purchases in April are 5500.000, and Total Victory payroll contin April 362.000, c. et overb concorred in Aprilie indirect interiell, 550.000. Indirect labor, 523,000, motory unit, 537,000/ ctory utilities $19.000 and factory buipment depreciation. 551,000 4. Predetermined overhead rate is SOX or direct labor 1 305 is sold for 5635,000 cash in April Required 1. Determine the amount or overhead applied to ench job in April 2. Determine the total cost assigned to cach job is of April 30 (including the balances from March 31, 3. Prepare fortial entries for the month of April to record the following . Materials purchases con credit) b. Direct materials used: c. Direct labor used and paid in citli) and assigned to Work in Process Inventory d. Indirect materials used in assigned to Factory Overload, e Indirect laborused (and paid in cash and assigned to Factory Oveilied 1. Overhead costs applied to Work in Process loventory .. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) 1. Determine the amount of overhead applied to encl job in Aprill 2. Determine the total cost assigned to each job as of April 30 (including the balances from March 31). 3. Prepare journal entries for the month of April to record the following a. Materials purchases con credit) b. Direct materials used c. Direct laborused (and paid in cash) and assigned to Work in Process Inventory, d. Indirect materials used and assigned to Factory Overhead e Indirect laborused (and paid in cash) and assigned to Factory Overhead f. Overhead costs applied to Work in Process Inventory g. Actuat other overhead costs incurred. (Factory rent and utilities are paid in cash) h. Transfer of Jobs 306 und 307 to Finished Goods Inventory 1. Cost of goods sold for Job 306, j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overnpplied overhead to the Cost of Goods Sold account 4. Prepare a schedule of cost of goods manufactured 5. Compute gross profit for April. Show how the three inventory accounts are reported on the April 30 balance sheet