Question

Instructions 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, $8,400 of indirect materials and $13,700 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 $10,100 Direct materials $19,000 Direct labor 8,500 Direct labor 16.200 Factory overhead 5,950 Factory overhead 11,340 Total $24,550 Total $46,540 Job 303 Job 304 Direct materials $23,700 Direct materials $12,700 Direct labor 16,300 Direct labor 11,800 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 Next Previous Check My Work Save and Exit Submit Assignment for Grading Email Instructor All work saved.

How do I find the percentage?

Answer 1

			job 301	job 302	job 303	job 304	total
Direct materials			10,100	19,000	23,700	12,700	65,500
direct labor			8,500	16,200	16,300	11,800	52,800
factory overhead			5,950	11340	11410	8260	36,960
total			24,550	46,540	51,410	32,760	155,260
		overhead rate = 5950/8500
			0.7
			70%
	journal Entries
	Accounting titles & Explanations					Debit	Credit
a)	Work in process					65,500
	Factory overhead					8,400
	Materials						73,900
b)	Work in process					52,800
	Factory overhead					13,700
	Factory wages payable						66,500
c)	Work in process					36,960
	Factory overhead						36,960
d)	Finished goods					71,090
	work in process						71,090