Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 1....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 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, $4,500 of indirect materials and $8,200 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: Direct materials Direct labor Job 301 Factory overhead Total $12,500 31,000 7,750 $51,250 Direct materials > Direct labor Job 302 $18,750 42,200 10,550 $71,500 Factory overhead Total Direct materials Direct labor Job 303 $9,940 16,500 Factory overhead Job 304 Direct materials $14,310 Direct labor 17,100 Factory overhead Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Materials Feedback Check My Work b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback Check My Work c. 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 Factory Overhead Feedback Check My Work d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process 33 Entries for Factory Costs and Jobs Completed Collegiate Publishing Inc. began printing operations on March 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, $4,500 of indirect materials and $8,200 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: Direct materials Direct labor Job 301 Factory overhead Total $12,500 31,000 7,750 $51,250 Direct materials > Direct labor Job 302 $18,750 42,200 10,550 $71,500 Factory overhead Total Direct materials Direct labor Job 303 $9,940 16,500 Factory overhead Job 304 Direct materials $14,310 Direct labor 17,100 Factory overhead Journalize the summary entry to record each of the following operations for March (one entry for each operation): a. Direct and indirect materials used. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Materials Feedback Check My Work b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback Check My Work c. 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 Factory Overhead Feedback Check My Work d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank. Finished Goods Work in Process 33
Expert Answer:
Answer rating: 100% (QA)
a Direct and indirect materials used Work in Process Factory Overhead Mate... View the full answer
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
Posted Date:
Students also viewed these accounting questions
-
Pretend that your city is not in Canada and is part of a new country. Decide on 10 rights and freedoms that all your citizens will have (your constitution). Describe how the head of Taiwan will be...
-
StudentGrades.java import java.io.File; import java.io.FileReader; import java.io.IOException; import java.io.PrintWriter; import java.util.Map; import java.util.Scanner; import java.util.Set; import...
-
Describe the movement of the open complex along the DNA.
-
Irwin's sells a particular model of fan, with most of the sales being made in the summer months. Invin's makes a one-time purchase of the fans prior to each summer season at a cost of 540 each and...
-
A standard nuclear power plant generates \(3.0 \mathrm{GW}\) of thermal power from the fission of \({ }^{235} \mathrm{U}\). Experiments show that, on average, \(0.19 \mathrm{u}\) of mass is lost in...
-
The Wall Street Journal routinely publishes summaries of corporate quarterly and annual earnings reports in a feature called the Earnings Digest. A typical digest report takes the following form. (a)...
-
A particle moves along the x-axis according to x (t) = 18t - Give your answers to two significant figures. (a) What is the instantaneous velocity at t = 2 s and t = 3 s? -3t m. The instantaneous...
-
Descriptive Writing Sample As you read the following example of descriptive writing, please do the following: 1. Highlight, in bil, the thesis statement (main idea) of the text. 2. Highlight, in...
-
The after-tax cost of debt is 6%. The cost of preferred stock is 8% and the cost of equity is12.0% The stock price is %40. There are 4 million shares of stock. The market values of the firms...
-
Analyze the Amazon.com website. Create a list of functional and nonfunctional business requirements that the system meets. Functional requirements begin to define how the system will support the user...
-
Assume you own a refrigerator that was purchased new seven years ago for $900, would cost $1200 today, and that it was expected to last ten years when purchased. Similar used refrigerators sell for...
-
Given that the temperature of the sun's surface is approximately 6 0 0 0 K estimate the rate of mass loss of the sun ( metric tons per year ) . If that rate were maintained how long will it take for...
-
1. Convert EHGP(27) X(9) 2. Subtract 11011(3)-01111(3) 3. Multiply AB(20) * EF(20) 4. Simplify the following circuit and redraw it. (All gates are XOR gates. A B 10 Y
-
What is the tax base of an asset or liability and how is it determined? Are there any similarities in the approach to measuring the tax base of an asset compared to a liability?
-
Citing a scientific article, explain in your own words, how DNA fingerprinting has been used in forensic science to solve crimes and why it may not always be accurate or effective.
-
As an illustration of the difficulty in identifying monopolies, try to decide which of the following are monopolies: a train operating company; your local evening newspaper; the village hairdresser;...
-
Will competition between oligopolists always reduce total industry profits?
-
In which of the following industries is collusion likely to occur: bricks, beer, margarine, cement, crisps, washing powder, or carpets? Explain why.
Study smarter with the SolutionInn App