Old School Publishing Inc. began printing operations on January 1. Jobs 301 and
ID: 2333367 • Letter: O
Question
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,400 of indirect materials and $12,000 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:
Required:
d. Completion of Jobs 301 and 302
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JOURNAL
Score: 89/125
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Job 301 Job 302 Direct materials $9,000 Direct materials $21,100 Direct labor 7,700 Direct labor 16,800 Factory overhead 5,467 Factory overhead 11,928 Total $22,167 Total $49,828Explanation / Answer
Account Titles and Explaination Debit Credit A. Work - in process inventory $ 70,100 Factor overhead $ 7,400 Raw materials inventory $ 77,500 B. Work - in process inventory $ 54,500 Factor overhead $ 12,000 Factory wages payable $ 66,500 C. Work - in process inventory ($54,500 X 71%) $ 38,695 Factor overhead $ 38,695 ` D. Finished goods inventory ($22,167 + $49,828) $ 71,995 Work - in process inventory $ 71,995 Workings: Job 301 Job 302 Job 303 Job 304 Total Direct material $ 9,000 $ 21,100 $ 25,200 $ 14,800 $ 70,100 Direct labor $ 7,700 $ 16,800 $ 16,100 $ 13,900 $ 54,500 Factor overhead $ 5,467 $ 11,928 $ - $ - Total $ 22,167 $ 49,828 $ 41,300 $ 28,700 Overhead rate (Factory overhead / Direct labor) 71% 71%
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