Answered Essay: ld School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were co

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

direct material 10,900
Direct Labor 8,900
Factory Overhead 5785
Total 25,585
Job 302
Direct Material 18,300
Direct Labor 17,700
Factory Overhead 11,505
Total 47505
Job 303
Direct Materials 26,000
Direct Labor 16,000
Factory Overhead
Job 304
Direct Material 13700
Direct Labor 12300
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.

Expert Answer

 

Sl No. Particulars Debit ($) Credit ($)
A. Work in process 68900
Material inventory 68900
(10900+18300+26000+13700)
(Direct materials used)
Factory overhead 7900
Material inventory 7900
(Indirect materials used)
B. Work in process 54900
Wages payable 54900
(8900+17700+16000+12300)
(Direct labor used)
Manufacturing overhead 13200
Wages payable 13200
(Indirect labor used)
C. Work-in-process 35685
Manufacturing overhead 35685
(Note:1)
(Factory overhead applied)
D. Finished goods 73090
Work-in-process 73090
(Total cost of Job 301 & 302)
(25585+47505)
(Completion of Jobs 301&302)
Notes:
1 Consider Job 301
Direct labor=8900
Factory overhead=5785
Factory overhead as a % of direct labor=(5785/8900)*100=65%
Total direct labor cost for all four jobs=54900
Factory overhead=54900*65%=35685
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