Reference no: EM132574905

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:

Question 1: 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.