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, $7,000 of indirect materials and $11,200 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 $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24.280 Total $48,104 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. does grading work? PAGE 10 JOURNAL Score: 99/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Mar. 31 Work in Process Factory Overhead 10,200.00 Materials 73,900.00 1 Mar. 31 Work in Process 52,800.00 1 Factory Overhead 13,700.00 1 Wages Payable 66,500.00 Mar. 31 Work in Process 36.960.00 Factory Overhead 36,960.00 JOURNAL Score: 99/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 10,200.00 73,900.00 Mar. 31 Work in Process Factory Overhead Materials Mar. 31 Work in Process Factory Overhead Wages Payable 52,800.00 13,700.00 66,500.00 Mar. 31 Work in Process 36,960.00 36,960.00 + Factory Overhead Finished Goods 35,890.00 Work in Process 35,890.00 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, $7,000 of indirect materials and $11,200 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 $10,200 Direct materials $21,000 Direct labor 8,000 Direct labor 15,400 Factory overhead 6,080 Factory overhead 11,704 Total $24.280 Total $48,104 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. does grading work? PAGE 10 JOURNAL Score: 99/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Mar. 31 Work in Process Factory Overhead 10,200.00 Materials 73,900.00 1 Mar. 31 Work in Process 52,800.00 1 Factory Overhead 13,700.00 1 Wages Payable 66,500.00 Mar. 31 Work in Process 36.960.00 Factory Overhead 36,960.00 JOURNAL Score: 99/125 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 10,200.00 73,900.00 Mar. 31 Work in Process Factory Overhead Materials Mar. 31 Work in Process Factory Overhead Wages Payable 52,800.00 13,700.00 66,500.00 Mar. 31 Work in Process 36,960.00 36,960.00 + Factory Overhead Finished Goods 35,890.00 Work in Process 35,890.00