Journalize the jan 31 summary entries to record

Assignment Help Managerial Accounting

Reference no: EM132225450

Question:

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, $7,000 of indirect materials and $11,200 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 materials	$10,200
Direct labor	8,000
Factory overhead	6,080
Total	$24,280

Job 302
Direct materials	$21,000
Direct labor	15,400
Factory overhead	11,704
Total	$48,104

Job 303
Direct materials	$23,000
Direct labor	18,000
Factory overhead	-

Job 304
Direct materials	$14,200
Direct labor	12,200
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.

Reference no: EM132225450

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