$(!)$

Required information

Lost or gooas soia ror jod sUo.

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

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

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

Journal entry worksheet

Record the entry for material purchased on credit.

Note: Enter debits before credits. $(!)$

Required information

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.

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

$1$ Record the entry for material purchased on credit.

$2$ 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$).$

$6$ Record the application of overhead costs.

$7$ Record the actual other overhead costs incurred $($Factory

rent and utilities are paid in cash.$)$

Note :$=$ journal entry has been entered j$.$ Revenue from the sale of Job $306$ received in cash.

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

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

$6$ 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.

Note : $=$ journal entry has been enteredMarco Company shows the following costs for three jobs worked on in April.

Additional Information

a$.$ Raw Materials Inventory has a March $31$ balance of $$80,000.$

b$.$ Raw materials purchases in April are $$500,000,$ and total factory payroll cost in April is $$363,000.$

c$.$ Actual 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.$

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

e$.$ Job $306$ is sold for $$635,000$ cash in April.

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.