EX 19-12 Entries for factory costs and jobs completed OBJ. 2 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 cost sheets. In addition to the materials and labor charged directly to the jobs, $8,000 of indirect materials and $12,400 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 Direct labor Factory overhead Total $10,000 Direct materials Direct labor $20,000 17,000 6,000 Factory overhead $24,000 Total Job 303 Job 304 Direct materials Direct labor Factory overhead $24,000 18,000 Direct materials Direct labor Factory overhead $14,000 12,000 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 EX 19-13 Financial statements of a manufacturing firm The following events took place for Pocault Inc. during July 20Y2, the first month of operations as a producer of road bikes: OBJ. 2 200 Purchased $320,000 of materials Used $275,000 of direct materials in production Incurred $236,000 of direct labor wages Applied factory overhead at a rate of 75% of direct labor cost Transferred $652,000 of work in process to finished goods . Sold goods with a cost of $630,000 .Sold goods for $1,120,000 Incurred $252,800 of selling expenses Incurred $100,000 of administrative expenses a. Prepare the July income staterment for Focauit Asume that Focault uses the perpetual inventory method. b. Determine the inventory balances at the end of the first month of operations