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Entries for factory costs and jobs completed

Instructions

Chart of Accounts

Journal

Instructions

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, $7,500 of indirect materials and $11,800 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 $10,500 Direct materials $21,600

Direct labor 7,200 Direct labor 15,600

Factory overhead 4,752 Factory overhead 10,296

Total $22,452 Total $47,496

Job 303 Job 304

Direct materials $23,800 Direct materials $15,900

Direct labor 19,100 Direct labor 14,000

Factory overhead Factory overhead

Required:

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.

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.

Chart of Accounts

CHART OF ACCOUNTS

Old School 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

390 Income Summary

REVENUE

410 Sales

610 Interest Revenue

EXPENSES

510 Cost of Goods Sold

520 Wages Expense

531 Selling Expenses

532 Insurance Expense

533 Utilities Expense

534 Office Supplies Expense

540 Administrative Expenses

560 Depreciation Expense-Factory

590 Miscellaneous Expense

710 Interest Expense

Journal

Shaded cells have feedback.

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.

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.

Journal

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

2

3

4

5

6

7

8

9

10

Points:

0.38 / 24

Feedback

Check My Work

a. Record direct materials costs in the work in process account, and indirect materials costs in the factory overhead account.

b. Record direct labor costs in the work in process account, and indirect labor costs in the factory overhead account.

c. Apply factory overhead based on direct labor costs.

d. When a job is completed, it is transferred out of work-in-process and into finished goods.