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, $2,740 of indirect materials and $33,140 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 $28,340 Direct materials $13,250
Direct labor 10,900 Direct labor 5,600
Factory overhead 5,995 Factory overhead 3,080
Total $45,235 Total $21,930

Job 303 Job 304
Direct materials $40,370 Direct materials $8,160
Direct labor 12,000 Direct labor 1,600
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.


Work in Process

Work in Process


Factory Overhead

Factory Overhead


Materials

Materials
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a. Record direct materials costs in the work in process account, and indirect materials costs in the factory overhead account.
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b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank.


Work in Process

Work in Process


Factory Overhead

Factory Overhead


Wages Payable

Wages Payable
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b. Record direct labor costs in the work in process account, and indirect labor costs in the factory overhead account.
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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 632c6b093053fda_1
Job 304 $
fill in the blank 632c6b093053fda_2
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Incorrect
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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.


Work in Process

Work in Process


Factory Overhead

Factory Overhead
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d. Apply factory overhead based on direct labor costs.
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e. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank.


Finished Goods

Finished Goods


Work in Process

Work in Process
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f. Determine the balance of the work in process account on January 31.