Question

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed...

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:

Job 301 Job 302
Direct materials $10,500 Direct materials $21,600
Direct labor 7,200 Direct labor 15,600
Factory overhead 4,752 Factory overhead 10,296
Total $22,452 Total $47,496
Job 303 Job 304
Direct materials $23,800 Direct materials $15,900
Direct labor 19,100 Direct labor 14,000
Factory overhead 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.
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Answer #1

Account titles & Explanations No. Debit Credit Work in process inventory ($10,500+$21,600+$23,800+$15,900) a) Factory overhea

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