Entries for Factory Costs and Jobs Completed Entrepreneurial 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, $7,600 of indirect materials and $15,100 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 $14,300 Direct materials $26,900 Direct labor 10,000 Direct labor 24,000 Factory overhead 6,500 Factory overhead 15,600 Total $30,800 Total $66,500 Job 303 Job 304 Direct materials $17,100 Direct materials $35,200 Direct labor 36,000 Direct labor 32,000 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. If an amount box does not require an entry, leave it blank. b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. c. Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost). Job 303 Job 304 d. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). If an amount box does not require an entry, leave it blank. e. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

Job costing: It is a method of costing where in all the costs like direct material, direct labor and manufacturing overhead are accumulated to a particular job. This method is suitable for jobs where the work is to be performed according to the specifications of a customer and in separate batches. Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products. These costs are not directly related to the units manufactured. So they are allocated to the manufactured units based on estimated cost drivers. Pre-determined overhead allocate rate: It the rate of allocating the expected overheads to the actual units or hours for a specific accounting period. Under/over applied overhead: If the overhead applied is more than the actual overhead, then the overhead is said to be over applied. If the overhead applied is less than the actual overhead then the overhead is said to be under applied. Work-in process: This is the cost of units which were semi-finished in a particular period. Further work should be done and cost should be incurred to make them into finished products. Finished goods: These are the units which were completed by the manufacturing process and were ready to sale.In case of multiple sub parts, only first three sub-parts will be answered. If you want other sub-parts to be answered, Please post the entire question and mention the sub-parts to be answered.