Instructions 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, $7,800 of indirect materials and $11,100 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 Direct labor Total Job 303 $10,700 Direct materials $18,400 7,200 Direct labor Factory overhead 6,192 Factory overhead 14,104 Job 302 $24,092 Total 19,500 - Job 304 16,400 Direct materials $25,900 Direct materials $15,900 Direct labor Factory overhead $48,904 Factory overhead Direct labor 10,100 Required: Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). d. Completion of Jobs 301 and 302
Instructions 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, $7,800 of indirect materials and $11,100 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 Direct labor Total Job 303 $10,700 Direct materials $18,400 7,200 Direct labor Factory overhead 6,192 Factory overhead 14,104 Job 302 $24,092 Total 19,500 - Job 304 16,400 Direct materials $25,900 Direct materials $15,900 Direct labor Factory overhead $48,904 Factory overhead Direct labor 10,100 Required: Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. a. Direct and indirect materials used. b. Direct and indirect labor used. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). d. Completion of Jobs 301 and 302
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:Instructions
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, $7,800 of indirect materials and $11,100 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
$10,700 Direct materials $18,400
7,200 Direct labor
Factory overhead 6,192 Factory overhead 14,104
$24,092 Total
$48,904
Direct labor
Total
Job 303
Direct materials
Direct labor
Factory overhead
Job 302
19,500
-
Job 304
$25,900 Direct materials $15,900
Direct labor 10,100
16,400
Factory overhead
Required:
Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of
accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal
page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a
credit entry when a credit amount is entered.
a. Direct and indirect materials used.
b. Direct and indirect labor used.
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).
d. Completion of Jobs 301 and 302.
X
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