Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4 [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 $81,200. b. Raw materials purchases in April are $503,000, and total factory payroll cost in April is $366,000. c. Actual overhead costs incurred in April are indirect materials, $50,750; indirect labor, $23,750; factory rent, $32,750; factory utilities, $19,750; and factory equipment depreciation, $51,750. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $638,000 cash in April. Required: 1. Determine the amount of overhead applied to each job in April. Problem 2-2A (Algo) Part 2 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 above transactions. 1 Record the entry for material purchased on credit. 11 2 Record the direct materials used in production. 3 Record the direct labor (paid in cash). 4 Record the indirect materials used. 5 Record the indirect labor (paid in cash). Credit 6 Record the application of overhead costs. 7 Record the actual other overhead costs incurred (Factory rent and utilities are paid in cash.) 8 Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 9 Record the cost of goods sold for Job 306. 10 Record the revenue from the sale of Job 306 received in cash. 11 Record the entry to close underapplied or overapplied overhead to the Cost of Goods Sold account. 4. Prepare a schedule of cost of goods manufactured for the month ended April 30 . 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Compute gross profit for April. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Show how the three inventory accounts are reported on the April 30 balance sheet