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Entries for Factory Costs and Jobs Completed

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, $1,710 of indirect materials and $20,710 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	$17,710			Direct materials	$8,280
Direct labor	6,800			Direct labor	3,500
Factory overhead	3,740			Factory overhead	1,925
Total	$28,250			Total	$13,705
Job 303			Job 304
Direct materials	$23,510			Direct materials	$5,100
Direct labor	7,500			Direct labor	1,000
Factory overhead				Factory overhead

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

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a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank.

blank	CashCost of Goods SoldFactory ExpensesFinished GoodsMaterialsWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableCashCost of Goods SoldFactory OverheadFinished GoodsMaterialsFactory Overhead	Factory Overhead	Factory Overhead
	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in ProcessMaterials	Materials	Materials

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a. Record direct materials costs in the Work in Process account, and indirect materials costs in the Factory Overhead account.

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b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableFinished GoodsMaterialsWages PayableWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableCashFactory OverheadMaterialsWages PayableFactory Overhead	Factory Overhead	Factory Overhead
	Accounts PayableFactory OverheadMaterialsWages PayableWork in ProcessWages Payable	Wages Payable	Wages Payable

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b. Record direct labor costs in the Work in Process account, and indirect labor costs in the Factory Overhead account.

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c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank.

blank	Accounts PayableCashFactory OverheadMaterialsWork in ProcessWork in Process	Work in Process	Work in Process
	Accounts PayableCashFactory OverheadFinished GoodsWork in ProcessFactory Overhead	Factory Overhead	Factory Overhead

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c. Apply factory overhead based on direct labor costs.

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d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

blank	CashFactory OverheadFinished GoodsMaterialsWork in ProcessFinished Goods	Finished Goods	Finished Goods
	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in ProcessWork in Process	Work in Process	Work in Process