Required information Problem 19-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $22,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 26,000 $ 41,000 Direct labor 20,000 13,000 Applied overhead 10,000 6,500 Costs during April Direct materials 136,000 205,000 $ 105,000 Direct labor 102,000 153,000 100,000 Applied overhead Finished Finished Status on April 30 (sold) (unsold) 2 2 In process Problem 19-1A Part 2 a. Materials purchases (on credit). b. Direct materials used in production. c. Direct labor paid and assigned to Work in Process Inventory. d. Indirect labor paid and assigned to Factory Overhead. e. Overhead costs applied to Work in Process Inventory. f. Actual overhead costs incurred, including indirect materials, (Factory rent and utilities are paid in cash.) g. Transfer of Jobs 306 and 307 to Finished Goods Inventory. h. Cost of goods sold for Job 306. I. Revenue from the sale of Job 306. J. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions, View transaction list View journal entry worksheet @ No Transaction General Journal 1 Debit Credit a Raw materials inventory Accounts payable 500,000 500,000 N b. Work in process inventory Raw materials inventory 3 C. Work in process inventory Cash 4 Factory overhead Cash 5 e. Work in process inventory Factory overhead f/ Earn urheart Required information 6 f(1). Factory overhead Raw materials inventory 7 f(2). Factory overhead Cash B f(3) Factory overhead Accumulated depreciation-factory equipment 9 f(4) Factory overhead Cash 10 Finished goods inventory Work in process inventory 11 h Cost of goods sold Finished goods inventory Required information 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0