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, $2,910 of indirect materials and $35,210 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 $30,110 Direct materials $14,080 Direct labor 11,500 Direct labor 6,000 Factory overhead 6,325 Factory overhead 3,300 Total $47,935 Total $23,380 Job 303 Job 304 Direct materials $38,220 Direct materials $8,670 Direct labor 12,800 Direct labor 1,700 Factory overhead Factory overhead

Explanation / Answer

Job 301 Job 302 Job 303 Job 304 Total Direct material 30110 14080 38220 8670 91080 Direct labor 11500 6000 12800 1700 32000 Factory overheads 55%* direct labor 6325 3300 7040 935 17600 Total cost 47935 23380 58060 11305 140680

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