a.  Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. b.  Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. 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.

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 13E: Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed...
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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 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, $2,910 of indirect materials and $35,210 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 $30,110     Direct materials $14,080
Direct labor 11,500     Direct labor 6,000
Factory overhead 6,325     Factory overhead 3,300
Total $47,935     Total $23,380
           
Job 303     Job 304
Direct materials $38,910     Direct materials $8,670
Direct labor 12,800     Direct labor 1,700
Factory overhead       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.

b.  Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.

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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