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, $7,600 of indirect materials and $15,100 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 $14,300     Direct materials $26,900 Direct labor 10,000     Direct labor 24,000 Factory overhead 6,500     Factory overhead 15,600 Total $30,800     Total $66,500             Job 303     Job 304 Direct materials $17,100     Direct materials $35,200 Direct labor 36,000     Direct labor 32,000 Factory overhead —     Factory overhead — Journalize the summary entry to record each of the following operations for January (one entry for each operation): Question Content Area a.  Direct and indirect materials used. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area b.  Direct and indirect labor used. If an amount box does not require an entry, leave it blank. blank   - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area c.  Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost). Job 303 $fill in the blank 11abe5f5b068007_1 Job 304 $fill in the blank 11abe5f5b068007_2   Question Content Area

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
  1. 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, $7,600 of indirect materials and $15,100 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 $14,300     Direct materials $26,900
    Direct labor 10,000     Direct labor 24,000
    Factory overhead 6,500     Factory overhead 15,600
    Total $30,800     Total $66,500
               
    Job 303     Job 304
    Direct materials $17,100     Direct materials $35,200
    Direct labor 36,000     Direct labor 32,000
    Factory overhead     Factory overhead

    Journalize the summary entry to record each of the following operations for January (one entry for each operation):

    Question Content Area

    a.  Direct and indirect materials used. If an amount box does not require an entry, leave it blank.

    blank
     
    - Select - - Select -
     
     
    - Select - - Select -
     
     
    - Select - - Select -
     

    Question Content Area

    b.  Direct and indirect labor used. If an amount box does not require an entry, leave it blank.

    blank
     
    - Select - - Select -
     
     
    - Select - - Select -
     
     
    - Select - - Select -
     

    Question Content Area

    c.  Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).

    Job 303 $fill in the blank 11abe5f5b068007_1
    Job 304 $fill in the blank 11abe5f5b068007_2
     

    Question Content Area

    d.  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.

    blank
     
    - Select - - Select -
     
     
    - Select - - Select -
     

    Question Content Area

    e.  Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

    blank
     
    - Select - - Select -
     
     
    - Select - - Select -
     

    Question Content Area

    f.  Determine the balance of the work in process account on January 31.

    $fill in the blank 40c5ddfa7077015_1

     
     
  2.  
  3.  
  4.  
  5.  
  6.  
  7.  
  8.  
  9.  
  10.  
Check My Work 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education