Entrepreneurial 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, $7,900 of indirect materials and $13,200 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 Direct materials $10,900 Direct labor 8,900 Factory overhead 5,785 Total $25,585 Job 302 Direct materials $18,300 Direct labor 17,700 Factory overhead 11,505 Total $47,505 Job 303 Direct materials $26,000 Direct labor 16,000 Factory overhead — Job 304 Direct materials $13,700 Direct labor 12,300 Factory overhead — Required: a. Journalize the summary entry to record direct and indirect materials used.* Journalize the summary entry to record direct and indirect labor used.* Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).

Name: Entrepreneurial Publishing Inc. began printing operations on January 1
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Description: Entrepreneurial 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 t

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Entrepreneurial 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, $7,900 of indirect materials and $13,200 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
Direct materials	$10,900
Direct labor	8,900
Factory overhead	5,785
Total	$25,585

Job 302
Direct materials	$18,300
Direct labor	17,700
Factory overhead	11,505
Total	$47,505

Job 303
Direct materials	$26,000
Direct labor	16,000
Factory overhead	—

Job 304
Direct materials	$13,700
Direct labor	12,300
Factory overhead	—

Required:

a.	Journalize the summary entry to record direct and indirect materials used.*
	Journalize the summary entry to record direct and indirect labor used.*
	Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).
b.	Journalize the entry to record factory overhead applied to all four jobs.*
	Journalize the entry to record the completion of Jobs 301 and 302.*
c.	Determine the balance of the work in process account on January 31.

a. Journalize the Jan. 31 summary entry to record direct and indirect materials used.*
b. Journalize the Jan. 31 summary entry to record direct and indirect labor used. *
d. Journalize the Jan. 31 entry to record factory overhead applied to all four jobs.*
e. Journalize the Jan. 31 entry to record the completion of Jobs 301 and 302.*
*Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line
on a journal page is used for debit or credit entries. CNOW joumals wil automatically indent a credit entry when a credit amount is entered.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
10

c. Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).
Job 303
24
Job 304
2$
Determine the balance of the work in process account on January 31.
24

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