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 301Job 302Direct materials$10,500Direct materials$21,600Direct labor7,200Direct labor15,600Factory overhead4,752Factory overhead10,296Total$22,452Total$47,496Job 303Job 304Direct materials$23,800Direct materials$15,900Direct labor19,100Direct labor14,000Factory overheadFactory overheadRequired:

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.

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.

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JOURNAL

Score:21/125

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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.