1 answer

Entries for Factory Costs and Jobs Completed Old School Publishing Inc. began printing operations on January...

Question:

Entries for Factory Costs and Jobs Completed 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 stil 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, 8,000 of indirect materials and $12,400 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 10,000 Direct materials Direct materials Direct labor Factory overhead Total 8,000 6,000 $24,000 Direct labor Factory overhead Total $20,000 17,000 12,750 $49,750 Job 303 Job 304 Direct materials Direct materials Direct labor Factory overhead Journalize the summary entry to record each of the following operations for January (one entry for each operation) a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. $24,000 $14,000 18,000 Direct labor 12,000 -Factory overhead Work in Process Factory Overhead MaterialsY 68,000 8,000 76,000

b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank Work in Process 53,400 X Factory Overhead V 12,100X Wages Payable 65,500 x

c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost) Work in Process 41,250 V Factory Overhead 41,250

d. Completion of Jobs 301 and 302 Finished Goods 71,995X Work in Process 71,995 X

Entries for Factory Costs and Jobs Completed 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 stil 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, 8,000 of indirect materials and $12,400 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 10,000 Direct materials Direct materials Direct labor Factory overhead Total 8,000 6,000 $24,000 Direct labor Factory overhead Total $20,000 17,000 12,750 $49,750 Job 303 Job 304 Direct materials Direct materials Direct labor Factory overhead Journalize the summary entry to record each of the following operations for January (one entry for each operation) a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. $24,000 $14,000 18,000 Direct labor 12,000 -Factory overhead Work in Process Factory Overhead MaterialsY 68,000 8,000 76,000
b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank Work in Process 53,400 X Factory Overhead V 12,100X Wages Payable 65,500 x
c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost) Work in Process 41,250 V Factory Overhead 41,250
d. Completion of Jobs 301 and 302 Finished Goods 71,995X Work in Process 71,995 X

Answers

ANSWER: Particulars DIRECT MATERIALS DIRECT LABOR FACTORY OVERHEAD TOTAL Job 301 Job 302 Job 303 Job 304 TOTAL 10,00020,000 24,000 14,000 68,000 8,000 17,000 18,000 12,00055,000 6,000 12,750 13,5009,00041,250 24,000 49,750 55,500 35,000 1,64,250 OVERHEAD RATE -12,750/17000 0.75 75% JOURNAL ENTRIES NO.ACCONT TITLE & EXPLANATION DEBIT CREDIT A |WORK IN PROCESS DR | 68,000 FACTORY OVERHEAD DR 8,000 TO MATERIALSA/C 76,000 WORK IN PROCESS DR DR B. 55,000 12400 FACTORY OVERHEAD TO WAGES PAYABLE A/C 67 400 C. WORK IN PROCESS DR 41,250 TO FACTORY OVERHEAD A/C 41,250 FINIESHED GOODS DR 73750 TO WORK IN PROCESS A/C 73750

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