Entries for Factory Costs and Jobs CompletedCollegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costsapplicable 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 laborcharged directly to the jobs, $860 of indirect materials and $10,360 of indirect labor were used during the month. The cost sheetsfor the four jobs entering production during the month are as follows, in summary form:Job 301Job 302Direct materials$8,860Direct materials$4,140Direct labor3,400Direct labor1,800Factory overhead1,870Factory overhead990Total$14,130Total$6,930Job 303Job 304Direct materials$11,780Direct materials$2,550Direct labor3,800Direct labor500Factory overheadFactory overheadJournalize the summary entry to record each of the following operations for March (one entry for each operation): 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.Work in ProcessFactory OverheadMaterialsb. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.Work in ProcessFactory OverheadWages PayableFeedbackc. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does notrequire an entry, leave it blank.Work in ProcessFactory Overhead

Name: Entries for Factory Costs and Jobs CompletedCollegiate Publishing Inc
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Description: Entries for Factory Costs and Jobs CompletedCollegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costsapplicable to them were recorded on the related cost sheets. Jobs 303 and 304

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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 cost 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 a 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, $860 of indirect materials and $10,360 of indirect labor were used during the month. The cost sheet for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $8,860 Direct materials $4,140 Direct labor 3,400 Direct labor 1,800 Factory overhead 1,870 Factory overhead 990 Total $14,130 Total $6,930

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 cost 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 a 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, $860 of indirect materials and $10,360 of indirect labor were used during the month. The cost sheet for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $8,860 Direct materials $4,140 Direct labor 3,400 Direct labor 1,800 Factory overhead 1,870 Factory overhead 990 Total $14,130 Total $6,930

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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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, $1,880 of indirect materials and $22,780 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 Line Item Description Amount Direct materials $19,480 Direct labor 7,500 Factory overhead 4,125 Total $31,105 Job 302 Line Item Description Amount Direct materials $9,110 Direct labor 3,900 Factory overhead 2,145 Total $15,155 Job 303 Line Item Description Amount Direct materials $26,000 Direct labor 8,300 Factory overhead — Job 304…
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, $1,540 of indirect materials and $18,640 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 $15,940 Direct materials $7,450 Direct labor 6,100 Direct labor 3,200 Factory overhead 3,355 Factory overhead 1,760 Total $25,395 Total $12,410 Job 303 Job 304 Direct materials $21,480 Direct materials $4,590 Direct labor 6,800 Direct labor 900 Factory overhead Factory overhead Journalize the summary entry to…
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