Module 2 Assignment eBook Calculator Print Item 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 19,100 Direct labor 14,000 Module 2 Assignment eBook Calculator Print Item 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 labor14,000 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. Journal Shaded cells have feedback. Module 2 Assignment eBook * Calculator Print Item 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. How does grading work? PAGE 10 JOURNAL Score: 94/125 DESCRIPTION POST. REF. CREDIT DEBIT 71,800.00 4,752.00 DATE Jan. 31 Work in Process Factory Overhead Materials Jan. 31 Work in Process Factory Overhead 76,552.00 55,900.00 Wages Payable Module 2 Assignment eBook Calculator Print Item Factory Overhead Wages Payable Work in Process Jan. 31 Factory Overhead Work in Process Jan. 31 Finished Goods Points: 18.05 / 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