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28 Sep 2019
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, $7,900 of indirect materials and $13,200 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 material 10,900 Direct Labor 8,900 Factory Overhead 5785 Total 25,585 Job 302 Direct Material 18,300 Direct Labor 17,700 Factory Overhead 11,505 Total 47505 Job 303 Direct Materials 26,000 Direct Labor 16,000 Factory Overhead - Job 304 Direct Material 13700 Direct Labor 12300 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.
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, $7,900 of indirect materials and $13,200 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 material | 10,900 | ||||||
Direct Labor | 8,900 | ||||||
Factory Overhead | 5785 | ||||||
Total | 25,585 | ||||||
Job 302 | |||||||
Direct Material | 18,300 | ||||||
Direct Labor | 17,700 | ||||||
Factory Overhead | 11,505 | ||||||
Total | 47505 | ||||||
Job 303 | |||||||
Direct Materials | 26,000 | ||||||
Direct Labor | 16,000 | ||||||
Factory Overhead | - | ||||||
Job 304 | |||||||
|
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.
|
Jean KeelingLv2
28 Sep 2019