Answer:
Marcelino Co.
Journal Entries:
Debit Raw materials $500,000
Credit Accounts Payable $500,000
To record the purchase of raw materials on credit.
Debit Factory payroll $363,000
Credit Cash $363,000
To record payment for factory payroll.
Debit Work in Process:
Job 307 $135,000
Job 307 $220,000   
Job 308  $100,000
 Credit Raw materials $455,000
To record direct materials used in production
Debit Work in Process:
Job 307 $42,500
Job 307 $75,000   
Job 308  $52,500
Credit Factory overhead $170,000
To record overhead applied.
Debit Factory overhead  $175,000
Credit Raw materials $50,000
           Factory payroll $23,000
           Factory rent $32,000
           Factory utilities $19,000
           Factory equipment depreciation $51,000
To record actual factory overhead costs.
Debit Finished Goods Inventory $828,500
Credit Work in Process:
Job 306 $321,500
Job 307 $507,000 
To record the cost of finished goods transferred.
Debit Cost of goods sold $321,500
Credit Finished goods inventory $321,500
To record the cost of goods sold.
Debit Cash $635,000
Credit Sales Revenue $635,000
To record the receipt of cash for sales.
Debit Cost of Goods Sold $5,000
Credit Factory overhead $5,000
To record underapplied overhead.
Explanation:
a) Data and Calculations:
Raw materials inventory, March 31 = $80,000
Raw materials $500,000 Accounts Payable $500,000
Factory payroll $363,000 Cash $363,000
Overhead costs incurred in April :
Indirect materials  $50,000 Raw materials $50,000
Indirect labor $23,000 Factory payroll $23,000
Factory rent $32,000 Cash $32,000
Factory utilities $19,000 Cash $19,000
Factory equipment depreciation $51,000 Accumulated depreciation $51,000
Total overhead incurred = $175,000
Predetermined overhead rate = 50% of direct labor cost
Sale of Job 306 for cash = $635,000
                                  Job 306          Job 307          Job 308             Total
Balances on March 31
Direct materials       $29,000          $35,000                                $64,000
Direct labor                20,000             18,000                                   38,000
Applied overhead      10,000              9,000                                    19,000
Costs during April
Direct materials       135,000          220,000          $100,000    $455,000
Direct labor               85,000           150,000            105,000       340,000
Applied overhead    42,500             75,000              52,500       170,000
Total costs            $321,500        $507,000          $257,500 $1,086,000
Status on April 30 Finished (sold) Finished (unsold) In process