Old School Publishing Inc. began printing operations on January 1. Jobs 301 and

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, $8,400 of indirect materials and $13,700 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:

Required:

Explanation / Answer

JOURNAL ENTRIES S.NO. ACCOUNTS TITLE AND EXPLANATIONS DEBIT $ CREDIT $ A. Work in Process- Job no. 301 Dr. 10100 Work in process-Job no. 302 dr. 19000 Work in process- Job No. 303 Dr. 23700 Work in process-Job no. 304 Dr. 12700 Factory Overheads Account Dr. 8400           Raw material Inventory 73900 B. Work in Process- Job no. 301 Dr. 8500 Work in process-Job no. 302 dr. 16200 Work in process- Job No. 303 Dr. 16300 Work in process-Job no. 304 Dr. 11800 Factory Overheads Account Dr. 13700           Factory Wages 66500 C. Work in Process- Job no. 301 Dr. 5950 Work in process-Job no. 302 dr. 11340 Work in process- Job No. 303 Dr. 11410 Work in process-Job no. 304 Dr. 8260            Factory Overheads 36960 D. Finished Goods Inventory Dr. 71090      Work in process-Job No. 301 24550      Work in Process-Job No. 302 46540

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