Problem 15-2A (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. 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 Job 306 $ 31,000 22,000 12,000 Problem 15-2A (Algo) Part 3 140,000 87,000 2 a. Materials purchases (on credit). b. Direct materials used. Finished (sold) Job 307 $ 37,000 20,000 11,000 225,000 155,000 Finished (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $505,000, and total factory payroll cost in April is $368,000. c. Actual overhead costs incurred in April are Indirect materials, $51,250; Indirect labor. $24,250; factory rent, $33 Job 308 factory utilities, $20,250; and factory equipment depreciation, $52,250. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $640,000 cash In April. $ 105,000 110,000 2 In process e. Indirect labor used (and paid in-cash) and assigned to Factory Overhead. £ Overhead costs applied to Work In Process Inventory, c. Direct labor used (and paid in cash) and assigned to Work In Process Inventory. d. Indirect materials used and assigned to Factory Overhead. 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. L. 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.

Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $1,960. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,330   $2,800   302 4,060   3,780   303 2,700   1,850   304 9,120   6,940   305 5,790   5,290   306 4,230   3,360   For general factory use 1,130   4,140   Factory overhead costs incurred on account, $6,360. Depreciation of machinery and equipment, $1,990. The factory overhead rate is $75 per machine hour. Machine hours used: Job Machine Hours 301   25   302   24   303   38   304   68   305   27   306   44   Total   226   Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,610; Job 302, $11,570; Job 303, $21,460. Required: 1.  Journalize the entries…

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Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $147,000. Materials requisitioned and factory labor used:   Job No. Materials Factory Labor 101 $ 19,320 $19,500 102 $ 23,100 28,140 103 $ 13,440 14,000 104 $ 38,200 36,500 105 $ 18,050 15,540 106 $ 18,000 18,700 For general factory use $ 9,000 20,160   Factory overhead costs incurred on account, $6,000. Depreciation of machinery and equipment, $4,100. The factory overhead rate is $40 per machine hour. Machine hours used: Job No. Machine Hours 101 154 102 160 103 126 104 238 105 160 106 174 Total 1,012 Jobs completed: 101, 102, 103, and 105. Jobs were shipped, and customers were billed as follows: Job 101, $62,900; Job…