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 Line Item Description Amount Direct materials $5,610 Direct labor 1,100 Factory overhead — Journalize the summary entry to record each of the following operations for March (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. blankAccountDebitCredit blank Question Content Area b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area c. 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. blankAccountDebitCredit blank Question Content Area d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Line Item Description Amount Direct materials $5,610 Direct labor 1,100 Factory overhead — Journalize the summary entry to record each of the following operations for March (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. blankAccountDebitCredit blank Question Content Area b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. blankAccountDebitCredit blank Question Content Area c. 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. blankAccountDebitCredit blank Question Content Area d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

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