Job 301 Job 302 Direct materials Direct materials $10,000 $20,000 Direct labor Direct labor 8,000 17,000 Factory overhead Factory overhead 6,000 12,750 Total $24,000 Total $49,750 Job 303 Job 304 Direct materials $24,000 Direct materials $14,000 Direct labor 18,000 Direct labor 12,000 Factory overhead Factory overhead

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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:

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Journalize the summary entry to record each of the following operations for January (one entry for each operation):
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

Job 301
Job 302
Direct materials
Direct materials
$10,000
$20,000
Direct labor
Direct labor
8,000
17,000
Factory overhead
Factory overhead
6,000
12,750
Total
$24,000
Total
$49,750
Job 303
Job 304
Direct materials
$24,000
Direct materials
$14,000
Direct labor
18,000
Direct labor
12,000
Factory overhead
Factory overhead
Transcribed Image Text:Job 301 Job 302 Direct materials Direct materials $10,000 $20,000 Direct labor Direct labor 8,000 17,000 Factory overhead Factory overhead 6,000 12,750 Total $24,000 Total $49,750 Job 303 Job 304 Direct materials $24,000 Direct materials $14,000 Direct labor 18,000 Direct labor 12,000 Factory overhead Factory overhead
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