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, $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 Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.   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.

Entries for Factory Costs and Jobs Completed 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, $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 Line Item Description Amount Direct materials $19,480 Direct labor 7,500 Factory overhead 4,125 Total $31,105 Job 302 Line Item Description Amount Direct materials $9,110 Direct labor 3,900 Factory overhead 2,145 Total $15,155 Job 303 Line Item Description Amount Direct materials $26,000 Direct labor 8,300 Factory overhead — Job 304…

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, $1,540 of indirect materials and $18,640 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 $15,940 Direct materials $7,450 Direct labor 6,100 Direct labor 3,200 Factory overhead 3,355 Factory overhead 1,760 Total $25,395 Total $12,410 Job 303 Job 304 Direct materials $21,480 Direct materials $4,590 Direct labor 6,800 Direct labor 900 Factory overhead Factory overhead Journalize the summary entry to…

Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700, direct labor of $3,600, and applied overhead of $2,880. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $24,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July.    Job 120 Job 121 Job 122 Direct materials used $ 1,000 $ 6,100 $ 2,900 Direct labor used 3,800 4,000 3,900  1. Prepare journal entries for the following July transactions and events a through e.a. Direct materials used.b. Direct labor used.c. Overhead applied.d. Sale of Job 120.e. Cost of goods sold for Job 120. Hint: Job 120 has costs from June and July.2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory…

ABC Company uses job costing. Its annual estimated manufacturing overhead and machine hours (the allocation base) were $100,000 and 2,000 hours, respectively. Job 02-03 was completed in June and incurred direct materials of $4,000, direct labor $3,000, and 100 machine hours. Which of the following is the total cost of job 02-03?  a) $7,000 b) $107,000 c) $12,000 d) $112,000

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…

Letena Company had only one job in process on July 1. The job had been charged with $1,000 of direct materials, $3,302 of direct labor and $5,382 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $23.10 per labor-hour. During July, the following information on Letena's activities was recorded: Raw Materials:   Beginning Balance $6,100 Purchased $70,000 Used in Production $69,600 Labor:   Direct labor-hours worked during July 1,160 Direct labor cost incurred $15,400 Other information:   Actual Manufacturing overhead incurred: $29,002 Work-in-Process Inventory, July 31: $13,200 Work-in-Process inventory on July 31 contains $2,921 of direct labor cost.   The entry to dispose of the underapplied or overapplied manufacturing overhead for July would include a debit or credit of BLANK to the account Manufacturing Overhead.

At the end of April, Cavy Company had completed Jobs 766 and 765. The individual job cost sheets reveal the following information: Job Job 765 Job 766 Job 765 Job 766 Direct Materials Job 765 $8,960 15,048 Job 766 Direct Labor $2,688 4,752 Machine Hours Job 765 produced 192 units, and Job 766 consisted of 440 units. Assuming that the predetermined overhead rate is applied by using machine hours at a rate of $147 per hour. a. Determine the balance on the job cost sheets for each job. 32 88 $ b. Determine the cost per unit at the end of April. Round your answers to the nearest cent.

Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,100, direct labor of $3,700, and applied overhead of $2,960. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on credit) for $28,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Job 121 Direct materials used Direct labor used $ 1,500 3,500 $ 6,600 4,300 Job 122 $2,500 4,000 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…