Old School Publishing Inc. began printing operations on January 1. Jobs 301 and

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, $7,500 of indirect materials and $11,800 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.

X

Journal

PAGE 10

JOURNAL

ACCOUNTING EQUATION

Explanation / Answer

Requirement 1 Work In Process 71800 =10500+21600+23800+15900 Materials 71800 To record assignment of direct material Factory Overhead 7500 Materials 7500 To record assignment of Indirect materials Requirement 2 Work In Process 55900 =7200+15600+19100+14000 Wages expense 55900 To record assignment of direct labor Factory Overhead 11800 Wages expense 11800 To record assignment of indirect labor Requirement 3 Work in process 36894 =55900*66% Factory Overhead 36894 To record assignment of manufacturing overhead Requirement 4 Finished goods 69948 =22452+47496 Work In Process 69948 To record the Completion of jobs

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