Old School Publishing Inc. began printing operations on January 1. Jobs 301 and
ID: 2455877 • 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, $7,600 of indirect materials and $12,100 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: Job 301 Direct materials $10,600 Direct labor 8,300 Factory overhead 6,557 Total $25,457 Job 302 Direct materials $21,900 Direct labor 15,000 Factory overhead 11,850 Total $48,750 Job 303 Direct materials $23,200 Direct labor 19,000 Factory overhead — Job 304 Direct materials $15,500 Direct labor 11,100 Factory overhead — Required: Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles. A. Direct and indirect materials used. B. Direct and indirect labor used. C. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). D. Completion of Jobs 301 and 302.
Complese a journal
Explanation / Answer
Account Titles
Debit
Credit
Job 301
Work in Process
25457
Direct Material
10600
Direct Labor
8300
Factory Overheads
6557
Finished Goods
25457
Work in Process
25457
Job 302
Work in Process
48750
Direct Material
21900
Direct Labor
15000
Factory Overheads
11850
Finished Goods
48750
Work in Process
48750
Job 303
Work in Process
54394
Direct Material
23200
Direct Labor
19000
Factory Overheads
12194
Job 304
Work in Process
34106
Direct Material
15500
Direct Labor
11100
Factory Overheads
7506
Account Titles
Debit
Credit
Job 301
Work in Process
25457
Direct Material
10600
Direct Labor
8300
Factory Overheads
6557
Finished Goods
25457
Work in Process
25457
Job 302
Work in Process
48750
Direct Material
21900
Direct Labor
15000
Factory Overheads
11850
Finished Goods
48750
Work in Process
48750
Job 303
Work in Process
54394
Direct Material
23200
Direct Labor
19000
Factory Overheads
12194
Job 304
Work in Process
34106
Direct Material
15500
Direct Labor
11100
Factory Overheads
7506
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