Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the mon and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets addition to the materials and labor charged directly to the jobs, $4,500 of indirect materials and $8,200 of indirec 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 $12,500 Direct labor Factory overhead Total 31,000 7,750 $51,250 Job 302 Direct materials Direct labor Factory overhead Total $9,940 16,500 $18,750 42,200 10,550 $71,500 Job 303 Job 304 Direct materials Direct materials Direct labor Direct labor Factory overhead Factory overhead 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. $14,310 17,100 b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an mox does not require an entry, leave it blank.
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the mon and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets addition to the materials and labor charged directly to the jobs, $4,500 of indirect materials and $8,200 of indirec 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 $12,500 Direct labor Factory overhead Total 31,000 7,750 $51,250 Job 302 Direct materials Direct labor Factory overhead Total $9,940 16,500 $18,750 42,200 10,550 $71,500 Job 303 Job 304 Direct materials Direct materials Direct labor Direct labor Factory overhead Factory overhead 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. $14,310 17,100 b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an mox does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Entries for Factory Costs and Jobs Completed
Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the mont
and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at th
end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. I
addition to the materials and labor charged directly to the jobs, $4,500 of indirect materials and $8,200 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 $12,500
Direct labor
31,000
Factory overhead 7,750
Total
$51,250
Job 302
Direct materials
Direct labor
Factory overhead
Total
$9,940
16,500
Job 303
Direct materials
Direct labor
Factory overhead
Journalize the summary entry to record each of the following operations for March (one entry for each operation):
Job 304
Direct materials
Direct labor
Factory overhead
$18,750
42,200
10,550
$71,500
$14,310
17,100
a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank.
b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an an
box does not require an entry, leave it blank.
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