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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

FINANCIAL ACCOUNTING
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 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: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
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
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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