FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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, $1,880 of indirect materials and $22,780 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 $19,480     Direct materials $9,110
Direct labor 7,500     Direct labor 3,900
Factory overhead 4,125     Factory overhead 2,145
Total $31,105     Total $15,155
           
Job 303     Job 304
Direct materials $24,570     Direct materials $5,610
Direct labor 8,300     Direct labor 1,100
Factory overhead     Factory overhead

Journalize the summary entry to record each of the following operations for January (one entry for each operation):

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a.  Direct and indirect materials used. If an amount box does not require an entry, leave it blank.

 
 
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b.  Direct and indirect labor used. If an amount box does not require an entry, leave it blank.

 
 
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c.  Determine the factory overhead applied to Jobs 303 and 304 (a single overhead rate is used based on direct labor cost).

Job 303 $fill in the blank 55222bfe8fde008_1
Job 304 $fill in the blank 55222bfe8fde008_2
 

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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.

 
 
- Select - - Select -
 
 
- Select - - Select -
 

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e.  Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.

 
 
- Select - - Select -
 
 
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f.  Determine the balance of the work in process account on January 31.

$fill in the blank 7e824500ffbf015_1

 

Fill in blanks as well :)

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