Entrepreneurial 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, $7,600 of indirect materials and $15,100 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:

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. 

e. Journalize the entry to record the completion of Jobs 301 and 302.

f. Determine the balance of the work in process account on January 31.

Transcribed Image Text:

Job 301 Job 302 Direct materials $14,300 Direct materials $26,900 Direct labor 10,000 Direct labor 24,000 Factory overhead 6,500 Factory overhead 15,600 Total $30,800 Total $66,500 Job 303 Job 304 Direct materials $17,100 $35,200 Direct materials Direct labor 36,000 Direct labor 32,000 Factory overhead Factory overhead