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, $680 of indirect materials and $8,280 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 | $7,080 | Direct materials | $3,310 | ||
Direct labor | 2,700 | Direct labor | 1,400 | ||
Factory overhead | 1,485 | Factory overhead | 770 | ||
Total | $11,265 | Total | $5,480 | ||
Job 303 | Job 304 | ||||
Direct materials | $9,820 | Direct materials | $2,040 | ||
Direct labor | 3,000 | Direct labor | 400 | ||
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.
b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.
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.
d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.
ANSWER
a)
General journal | ||||
date | Account Title and Explanation | Ref | Debit(Million) | Credit(million) |
Work in process(7,080+3,310+9,820+2,040) | $22,250 | |||
Factory overhead | $680 | |||
Materials | $22,930 | |||
(To Record material used) |
b)
General Journal | ||||
date | Account Title and Explanation | debit(million) | Credit(million) | |
Work in process(2,700+1,400+3,000+400) | $7,500 | |||
Factory overhead | $8,280 | |||
Wages Payable | $15,780 | |||
(To Record Direct and Indirect Labor) |
c)
date | Account Title and Explanation | debit(million) | Credit(million) | |
Work in process(7,500 *75%) | $5,625 | |||
Factory overhead | $5,625 | |||
(To Record overhead applied) | ||||
d)
date | Account Title and Explanation | debit(million) | Credit(million) | |
Finishing Goods(11,265+5,480) | $16,745 | |||
Work in process | $16,745 | |||
(To Record completion of job 301 &302 | ||||
_____________________________________________
If you have any query or any Explanation please ask me in the comment box, i am here to helps you.please give me positive rating.
*****************THANK YOU**************
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1....
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...
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...
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, $2,740...
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...
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, $2,910...
Entries for Factory Costs and Jobs 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,...
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, $1,200 of indirect materials and $14,500 of indirect...
Entries for Factory Costs and Jobs 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 stil 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,...
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, $8,000 of indirect materials and $12,400...
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, $2,910 of indirect materials and $35,210 of...