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Collegiate Publishing Inc. began printing operations on March 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, $7,900 of indirect materials and $13,200 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 $10,900 Direct materials $18,300 Direct labor 8,900 Direct labor 17,700 Factory overhead 5,785 Factory overhead 11,505 Total $25,585 Total $47,505   Job 303   Job 304   Direct materials $26,000 Direct materials $13,700 Direct labor 16,000 Direct labor 12,300 Factory overhead — Factory overhead —   Required:   Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.   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.

Collegiate Publishing Inc. began printing operations on March 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, $7,900 of indirect materials and $13,200 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 $10,900 Direct materials $18,300 Direct labor 8,900 Direct labor 17,700 Factory overhead 5,785 Factory overhead 11,505 Total $25,585 Total $47,505   Job 303   Job 304   Direct materials $26,000 Direct materials $13,700 Direct labor 16,000 Direct labor 12,300 Factory overhead — Factory overhead —   Required:   Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.   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.

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business
Section: Chapter Questions
Problem 9SPB: FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales...
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Collegiate Publishing Inc. began printing operations on March 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, $7,900 of indirect materials and $13,200 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 $10,900 Direct materials $18,300
Direct labor 8,900 Direct labor 17,700
Factory overhead 5,785 Factory overhead 11,505
Total $25,585 Total $47,505
 
Job 303   Job 304  
Direct materials $26,000 Direct materials $13,700
Direct labor 16,000 Direct labor 12,300
Factory overhead — Factory overhead —
 
Required:
  Journalize the Mar. 31 summary entries to record each of the following operations for March (one entry for each operation). Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
  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 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
Transcribed Image Text:Chart of Accounts 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
Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 560 Depreciation Expense-Factory 191 Factory 590 Miscellaneous Expense 192 Accumulated Depreciation-Factory 710 Interest Expense
Transcribed Image Text:Chart of Accounts ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 560 Depreciation Expense-Factory 191 Factory 590 Miscellaneous Expense 192 Accumulated Depreciation-Factory 710 Interest Expense
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