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, $8,400 of indirect materials and $13,700 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 $10,100 Direct materials $19,000 Direct labor 8,500 Direct labor 16,200 Factory overhead 5,950 Factory overhead 11,340 24,550 ot$46,540 Total Job 303 Job 304 Direct materials $23,700 Direct materials $12,700 Direct labor 16,300 Direct labor 11,800 Factory overheadFactory 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 Old School Publishing Inc. General Ledger REVENUE ASSETS 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable EXPENSES 126 Interest Receivable 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 133 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses 181 Land 560 Depreciation Expense-Factory 191 Factory 590 Miscellaneous Expense 710 Interest Expense 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 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. PAGE 10 JOURNAL DATE POST. REF DEBIT CREDIT 10