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GLO201 (Algo) - Based on Problem 2-2A LO P1, P2, P3, P4 Stam Company shows the following costs for three jobs worked on in April Job 386 Job 307 Job 303 Batances on March 31 Direct materials in March) $ 33,600 $ 41,900 Direct labor (in March) 24,600 20.300 Applied overhead (March) 12.300 10, 150 Costs during April Direct materials 139.680 226,90 $ 102,300 Direct labor 94,200 161, see 107,300 Applied overhead Status on April 30 Finished Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $91,500 b. Raw materials purchases in April are $504,600, and total factory payroll cost in April is $388,300. c. Actual overhead costs incurred in April are indirect materiais, $52,300; indirect labor, $25.300; factory rent, $34,300; factory utilities, $21,300, and factory equipment depreciation, $55,600 d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $650,000 cash in April Complete this question by entering your answers in the tabs below. Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Prepare journal entries for the month of April's transactions. View transaction list :X: X : 1 a. Record the purchase of materials (on credit). 2 b. Record the direct materials used. 3 c. Record direct labor used (and paid in cash) and assigned to Work in Process Inventory. 4 d. Record the indirect materials used and assigned to Factory Overhead. Cr 5 e. Record the indirect labor used (and paid in cash) and assigned to Factory Overhead. 6 f. Record the overhead costs applied to Work in Process Inventory. Note : = journal entry has been entered Record entry Clear entry View gg General Journal Requirement General Ledger Trial Balance Job Costs Prepare journal entries for the month of April's transactions. View transaction list X: X S. Inventory 7 g. Record the actual other overhead costs incurred. (Factory rent and utilities are paid in cash.) 8 h. Record the transfer of Jobs 306 and 307 to Finished Goods Inventory. 9 i. Record the cost of goods sold for Job 306. 10 j. Record the revenue from the sale of Job 306 received in cash. 11 k. Record the close underapplied or overapplied overhead to the Cost of Goods Sold account. Note : = journal entry has been entered Record entry Clear entry Gross Profit General General Cost of Goods Requirement Journal Ledger Trial Balance Job Costs Mfg Calculate the amount of overhead to be applied to each of the jobs worked on during April. Then, using the drop-downs, indi which account in the ledger should include the job's costs as of April 30. Job 306 Job 307 ftJob 308 April Total $ 33,600 $ 24,500 12,300 70,500 41,900 20,300 10,150 72,350 $ 142,850 Beginning Work In Process (March costs) Direct materials Direct labor Overhead applied Total Beginning Work in Process inventory Costs added in April Direct materials Direct labor Overhead applied Total costs added in April Total cost of jobs At the end of April, indicate which account should include each job's costs $ 139,600 $ 94,200 226,900 161,500 102,300 107,300 468,800 363,000 Cost of Goods Gross Profit General General Requirement Job Costs Journal Trial Balance Ledger Mrg Select the accounts used in the calculation of gross profit. Enter the amount of gross profit for Star month of April. es Gross profit Cost of Goods Mig Groepen Requirement General Journal General Ledger Trial Balance Job Costs Cost of Goods Mfg Gross Profit Stam Company Trial Balance March 31, 2021 Account Title Debit Credit 496,000 228,000 91,500 142,850 521,500 Cash Accounts receivable, net Raw materials inventory Work in process inventory Factory Equipment Accumulated depreciation Factory equipment Accounts payable Common stock. $5 par value Paid-in capital in excess of par - Common Retained earnings Total 164,500 40,600 296,000 196,000 771,750 1.477,850 1,477,850 S General Ledger Account Cash Debit Accounts receivable, net Debit Credit No. Date March 31 Credit No Date Balance 490,000 March 31 Balance 226,000 Raw materials inventory Debit Credit Work in process inventory Debit Credit No. No. Date March 31 Balance 99,500 Date March 31 Balance 142,860 No. Date March 31 Factory Equipment Debit Credit No. Balance 521,500 Accumulated depreciation - Factory equipment Date Debit Credit Balance March 31 164,500 No. Accounts payable Debit Credit Date March 31 Balance 49,600 No Common stock, 35 par value Date Debit Credit March 31 Balance 206,000 No Retained earnings Credit Date Paid in capital in excess of par. Common Date Debit Credit Balance March 31 196,000 Balance 771.750

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