Question

Can I get some help solving this problem

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, $7,000 of indirect materials and $11,200 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 $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24,280 Total $48,104 Job 303 Job 304 Direct materials $23,000 Direct materials $14,200 Direct labor 18,000 Direct labor 12,200 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.

Answer 1

			job 301	job 302	job 303	job 304	total
Direct materials			10,200	21,000	23,000	14,200	68,400
direct labor			8,000	15,400	18,000	12,200	53,600
factory overhead			6,080	11704	13680	9272	40,736
total			24,280	48,104	54,680	35,672	162,736
		overhead rate = 6080/8000
			0.76
			76%
	journal Entries
	Accounting titles & Explanations					Debit	Credit
a)	Work in process					68,400
	Factory overhead					7,000
	Materials						75,400
b)	Work in process					53,600
	Factory overhead					11,200
	Factory wages payable						64,800
c)	Work in process					40,736
	Factory overhead						40,736
d)	Finished goods					72,384
	work in process						73,750