Question

Entries for Factory Costs and Jobs Completed
Collegiate Publishing Inc. began printing operations on March 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, $4,500 of indirect materials and $8,200 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


Job 302
Direct materials
$12,500


Direct materials
$18,750
Direct labor
31,000


Direct labor
42,200
Factory overhead
7,750


Factory overhead
10,550
Total
$51,250


Total
$71,500






Job 303


Job 304
Direct materials
$9,940


Direct materials
$14,310
Direct labor
16,500


Direct labor
17,100
Factory overhead
—


Factory overhead
—
Journalize the summary entry to record each of the following operations for March (one entry for each operation):
a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank.

Work in Process

Factory Overhead

Materials

b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.

Work in Process

Factory Overhead

Wages Payable

c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank.

Work in Process

Factory Overhead

Feedback
d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

Finished Goods

Work in Process

Answer 1

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Event	Account	Debit	Credit
a	Work in process	$      55,500
	Factory Overhead	$        4,500
	Materials		$      60,000
	(To record material used)
b	Work in process	$   106,800
	Factory Overhead	$        8,200
	Wages Payable		$   115,000
	(To record labor used)
c	Work in process ($106,800*25%)	$      26,700
	Factory Overhead		$      26,700
	(To record overhead applied)
	$7,750/$31,000=25%
d	Finished Goods	$   122,750
	Work in process		$   122,750
	(To record goods completed) ($51,250+$71,500)