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, $7,800 of indirect materials and $11,100 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:

Job 301
Direct materials	$10,700
Direct labor	7,200
Factory overhead	6,192
Total	$24,092

Job 302
Direct materials	$18,400
Direct labor	16,400
Factory overhead	14,104
Total	$48,904

Job 303
Direct materials	$25,900
Direct labor	19,500
Factory overhead

Job 304
Direct materials	$15,900
Direct labor	10,100
Factory overhead

Required:

a.	Journalize the summary entry to record direct and indirect materials used.*
b.	Journalize the summary entry to record direct and indirect labor used.*
c.	Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).
d.	Journalize the entry to record factory overhead applied to all four jobs.*
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.
	*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

CHART OF ACCOUNTS

Entrepreneurial Publishing Inc.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Factory
192	Accumulated Depreciation-Factory

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends

	REVENUE
410	Sales
610	Interest Revenue

a.	Journalize the Jan. 31 summary entry to record direct and indirect materials used.*
b.	Journalize the Jan. 31 summary entry to record direct and indirect labor used.*
d.	Journalize the Jan. 31 entry to record factory overhead applied to all four jobs.*
e.	Journalize the Jan. 31 entry to record the completion of Jobs 301 and 302.*
	*Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10

c. Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).

Job 303
Job 304

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