Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Entries for Factory Costs and Jobs Completed Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during

image text in transcribed
image text in transcribed
eBook 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 kost sheets. In addition to the materials and labor charged directly to the jobs, $340 of indirect materials and 54,140 of indirect labor were used during the month. The fost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Job 302 Direct materials $3,540 Direct materials $1,660 Direct labor 1,400 Direct labor Factory overhead Factory overhead Total $5,710 Total $2,745 700 770 385 Job 303 Job 304 Direct materials $5,170 Direct materials $1,020 Direct labor 1,500 Direct labor 200 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 Factory Overhead 9 Materials 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 59 Wages Payable Feedback Check My Work b. Record direct labor costs in the work in process account, and indirect labor costs in the factory overhead account. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). Work in Process Factory Overhead Feedback Check My Work c. Apply factory overhead based on direct labor costs. d. Completion of Jobs 301 and 302 Finished Goods Work in Process

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Foundations And Evolutions

Authors: Michael R. Kinney, Jenice Prather-Kinsey, Cecily A. Raiborn

6th Edition

0324235011, 978-0324235012

More Books

Students also viewed these Accounting questions

Question

Identify global safety and health issues.

Answered: 1 week ago

Question

Discuss health care in the global environment.

Answered: 1 week ago