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, 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, $8,000 of indirect materials and $12,400 of indirect labor were used during the month. The cost sheets the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $10,000 Direct materials $20,000 Direct labor 8,000 Direct labor 17,000 Factory overhead 6,000 Factory overhead 12,750 Total $24,000 Total $49,750 Job 303 Job 304 $24,000 Direct materials $14,000 Direct materials 18,000 Direct labor 12,000 Direct labor Factory overhead Factory overhead ournalize the summary entry to record each of the following operations for January (one entry for each operation): a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead v Materials v Feedback Check My Work Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process 00 000
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, 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, $8,000 of indirect materials and $12,400 of indirect labor were used during the month. The cost sheets the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $10,000 Direct materials $20,000 Direct labor 8,000 Direct labor 17,000 Factory overhead 6,000 Factory overhead 12,750 Total $24,000 Total $49,750 Job 303 Job 304 $24,000 Direct materials $14,000 Direct materials 18,000 Direct labor 12,000 Direct labor Factory overhead Factory overhead ournalize the summary entry to record each of the following operations for January (one entry for each operation): a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead v Materials v Feedback Check My Work Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process 00 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is blank is what i need with please and thank you
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Transcribed Image Text: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, $8,000 of indirect materials and $12,400 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
$10,000
Direct materials
$20,000
Direct labor
8,000
Direct labor
17,000
Factory overhead
6,000
Factory overhead
12,750
$24,000
Total
$49,750
Total
Job 303
Job 304
Direct materials
$24,000
Direct materials
$14,000
18,000
Direct labor
12,000
Direct labor
Factory overhead
Factory overhead
Journalize the summary entry to record each of the following operations for January (one entry for each operation):
a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank.
Work in Process v
Factory Overhead v
Materials v
Feedback
Check My Work
b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.
Work in Process
Factory Overhead v
Wages Payable v
Transcribed Image Text:Factory Overhead
Materials v
Feedback
Check My Work
b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.
Work in Process v
Factory Overhead v
Wages Payable
Feedback
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).
Work in Process
Factory Overhead v
Feedback
d. Completion of Jobs 301 and 302.
Finished Goods v
Work in Process
00
00
00
00
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