Problem 15-1A Production costs computed and recorded; reportsprepared LO C2, P1, P2, P3, P4

[The followinginformation applies to the questions displayed below.]

Marcelino Co.'s March 31 inventory of raw materials is $86,000. Rawmaterials purchases in April are $590,000, and factory payroll costin April is $378,000. Overhead costs incurred in April are:indirect materials, $53,000; indirect labor, $23,000; factory rent,$37,000; factory utilities, $21,000; and factory equipmentdepreciation, $56,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $635,000 cash in April.Costs of the three jobs worked on in April follow.

	Job 306				Job 307				Job 308
Balances onMarch 31
Directmaterials		$	27,000			$	41,000
Directlabor			22,000				15,000
Appliedoverhead			11,000				7,500
Costs duringApril
Directmaterials			133,000				210,000			$	115,000
Directlabor			103,000				151,000				101,000
Appliedoverhead			?				?				?
Status on April30	Finished (sold)				Finished (unsold)					Inprocess

rev:03_15_2018_QC_CS-121813

Problem 15-1A Part 2

1. Materials purchases (on credit).
2. Direct materials used in production.
3. Direct labor paid and assigned to Work in ProcessInventory.
4. Indirect labor paid and assigned to Factory Overhead.
5. Overhead costs applied to Work in Process Inventory.
6. Actual overhead costs incurred, including indirect materials.(Factory rent and utilities are paid in cash.)
7. Transfer of Jobs 306 and 307 to Finished Goods Inventory.
8. Cost of goods sold for Job 306.
9. Revenue from the sale of Job 306.
10. Assignment of any underapplied or overapplied overhead to theCost of Goods Sold account. (The amount is not material.)

2. Prepare journal entries for the month of Aprilto record the above transactions.