Problem $2-2$A $($Algo$)$ Part $3$

a$.$ Materials purchases $($on credit$).$

b$.$ Direct materials used.

c$.$ Direct labor used $($and paid in cash$)$ and assigned to Work in Process Inventory.

d$.$ Indirect materials used and assigned to Factory Overhead.

e$.$ Indirect labor used $($and paid in cash$)$ and assigned to Factory Overhead.

f$.$ Overhead costs applied to Work in Process Inventory.

g$.$ Actual other overhead costs incurred $($Factory rent and utilities are paid in cash.$)$

h$.$ Transfer of Jobs $306$ and $307$ to Finished Goods Inventory.

i$.$ Cost of goods sold for Job $306.$

j$.$ Revenue from the sale of Job $306$ received in cash.

k$.$ Close underapplied or overapplied overhead to the Cost of Goods Sold account.

$3.$ Prepare journal entries for the month of April to record the above transactions.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline No & Transaction & General Journal & Debit & Credit $\backslash \backslash$

$\backslash$hline $1$ & a$.$ & Raw materials inventory & $513,000$ & $\backslash \backslash$

$\backslash$hline & & Accounts payable & & $513,000\backslash \backslash$

$\backslash$hline $2$ & b$.$ & Work in process inventory & $494,000$ & $\backslash \backslash$

$\backslash$hline & & Raw materials inventory & & $494,000\backslash \backslash$

$\backslash$hline $3$ & c$.$ & Work in process inventory & & $\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline $4$ & d$.$ & Factory overhead & $53,250$ & $\backslash \backslash$

$\backslash$hline & & Raw materials inventory & & $53,250\backslash \backslash$

$\backslash$hline $5$ & e$.$ & Factory overhead & & $\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline $6$ & f$.$ & Work in process inventory & & $\backslash \backslash$

$\backslash$hline & & Factory overhead & & $\backslash \backslash$

$\backslash$hline $7$ & g$.$ & Factory overhead & & $\backslash \backslash$

$\backslash$hline & & Accumulated depreciation$-$Factory equipment & & $54,250\backslash \backslash$

$\backslash$hline & & Cash & & $\backslash \backslash$

$\backslash$hline $8$ & h$.$ & Finished goods inventory & & $\backslash \backslash$

$\backslash$hline & & Work in process inventory & & $\backslash \backslash$

$\backslash$hline $9$ & i$.$ & Cost of goods sold & & $\backslash \backslash$

$\backslash$hline & & Finished goods inventory & & $\backslash \backslash$

$\backslash$hline $10$ & j$.$ & Cash & $648,000$ & $\backslash \backslash$

$\backslash$hline & & Sales & & $648,000\backslash \backslash$

$\backslash$hline $11$ & k$.$ & Cost of goods sold & & $\backslash \backslash$

$\backslash$hline & & Factory overhead & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

Required information

Problem $2-2$A $($Algo$)$ Computing and recording job costs; preparing schedule of cost of goods manufactured LO P$1,$ P$2,$ P$3,$ P$4$

$[$The following information applies to the questions displayed below.$]$

Marco Company shows the following costs for three jobs worked on in April.

Additional Information

a$.$ Raw Materials Inventory has a March $31$ balance of $\backslash$$$85,200.$

b$.$ Raw materials purchases in April are $\backslash$$$513,000,$ and total factory payroll cost in April is $\backslash$$$376,000.$

c$.$ Actual overhead costs incurred in April are indirect materials, $\backslash$$$53,250$; indirect labor, $\backslash$$$26,250$; factory rent, $\backslash$$$35,250$; factory utilities, $\backslash$$$22,250$; and factory equipment depreciation, $\backslash$$$54,250.$

d$.$ Predetermined overhead rate is $\backslash (50\backslash \%\backslash )$ of direct labor cost.

e$.$ Job $306$ is sold for $\backslash (\backslash$$ $648,000\backslash )$ cash in April.

Problem $2-2$A $($Algo$)$ Part $3$

a$.$ Materials purchases $($on credit$).$

b$.$ Direct materials used.

c$.$ Direct labor used $($and paid in cash$)$ and assigned to Work in Process Inventory.

d$.$ Indirect materials used and assigned to Factory Overhead.

e$.$ Indirect labor used $($and paid in cash$)$ and assigned to Factory Overhead.

f$.$ Overhead costs applied to Work in Process Inventory.

g$.$ Actual other overhead costs incurred $($Factory rent and utilities are paid in cash.$)$

h$.$ Transfer of Jobs $306$ and $307$ to Finished Goods Inventory.

i$.$ Cost of goods sold for Job $306.$

j$.$ Revenue from the sale of Job $306$ received in cash.

k$.$ Close underapplied or overapplied overhead to the Cost of Goods Sold account.

$3.$ Prepare journal entries for the month of April to record the above transactions.