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 ot 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. $8,400 of indirect materials and $13,?00 of 'nd'rect labor were used during the month. The cost sheets for the tour jobs entering production during the month are as follows, in summary font]: Job 301 Job 302 Direct materials $10,100 Direct materials $19,000 Direct labor 8,500 Direct labor 15,200 Factory overhead 5,950 Factory overhead 11,340 Total $24,550 Total $45,540 Job 303 Jul) 304 Direct materials $23300 Direct materials $12300 Direct labor 16.300 Direct labor 11,800 Factory overhead Factory overhead Required: Journalize the Jan. 31 summary entries to record each of the following operations fordanrrary (one entry for each operation). Refer" to the Chart 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: 116/125 DATE DESCRIPTION POST. REF. DEBIT CREDIT Jan. 31 Work in Process 65,500.00 Factory Overhead 8,400.00 Materials 73,900.00 4 Jan. 31 Work in Process 52,800.00 Factory Overhead 13,700.00 Wages Payable 66,500.00 Jan. 31 Work in Process Factory Overhead 9 Jan. 31 Finished Goods 71,090.00 10 Work in Process 71,090.00