Required Information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March). Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 View transaction list Journal entry worksheet 1 2 Record the entry for material purchased on credit. Job 306 $ 34,600 25,600 15,600 Additional Information a. Raw Materials Inventory has a March 31 balance of $85,600. b. Raw materials purchases in April are $514,000, and total factory payroll cost in April is $377,000. c. Actual overhead costs incurred in April are indirect materials, $53,500; indirect labor, $26,500; factory rent, $35,500; factory utilities, $22,500; and factory equipment depreciation, $54,500. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $649,000 cash in April. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. Note: Enter debits before credits. Transaction 149,000 90,600 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. Record entry Finished (sold) 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. 1. 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. 3 4 5 6 7 General Journal Clear entry Job 307 $ 40,600 23,600 14,600 234,000 $ 114,000 164,000 119,000 ? Finished (unsold) 8 Job 308 In process Debit 11 Credit View general Journal