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, $680 of indirect materials and $8,280 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 Direct labor Factory overhead Total Job 303 $7,080 2,700 1,485 $11,265 $9,950 3,000 Job 302 Direct materials Direct labor Factory overhead Total Job 304 Direct materials Direct labor Factory overhead $3,310 1,400 770 $5,480 Direct materials Direct labor 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. $2,040 400 b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. 188 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. d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank. 3.5 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, $680 of indirect materials and $8,280 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 Direct labor Factory overhead Total Job 303 $7,080 2,700 1,485 $11,265 $9,950 3,000 Job 302 Direct materials Direct labor Factory overhead Total Job 304 Direct materials Direct labor Factory overhead $3,310 1,400 770 $5,480 Direct materials Direct labor 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. $2,040 400 b. Direct and indirect labor used. If an amount box does not require an entry, leave it blank. 188 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. d. Completion of Jobs 301 and 302. If an amount box does not require an entry, leave it blank. 3.5
Expert Answer:
Answer rating: 100% (QA)
a Direct and indirect materials used In this entry we are recording the usage of both direct and ind... 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
-
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...
-
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....
-
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...
-
How do accounting differences impact the usefulness of financial ratio comparisons?
-
Moon Rhee Auto Supply, a Korean supplier of parts to Kia Motors, is evaluating an opportunity to set up a plant in Alabama, where Kia Motors has an auto assembly plant for its SUVs. The cost of this...
-
The following information is given for the year ended 30 April 20*8 for Viv: gross profit 45,892; wages 27,769; rent and rates 6,000; insurances 4,575; motor expenses 7,814; general expenses 2,390....
-
We see that 75 of the 264 people in the study allowed the pressure to reach its maximum level of \(300 \mathrm{mmHg}\), without ever saying that the pain was too much (MaxPressure=yes). Use this...
-
What is the present value of a $900 annuity payment over five years if interest rates are 8 percent?
-
Marigold Limited reports the following information: sales ( $ 1 , 1 1 5 , 0 0 0 ) ; sales returns and allowances ( $ 2 1 , 1 0 0 ) ; sales discounts ( $ 1 8 , 2 0 0 ) ; cost of goods sold ( $ 6 6 2 ,...
-
The graph below shows supply and demand curves for a new mp3 player accessory. a. What is the equilibrium price? b. Describe the relationship of supply and demand if the item were sold for $20. c....
-
A compound has an empirical formula, C3H6O and a relative formula mass of 116. (a) Determine its molecular formula. (H=1.0, C=12.0, 0=16.0). (b) Calculate the percentage composition of carbon by mass...
-
Which of the following phrases best describes relation X in Exercise 7? 1. has a 2. is an example of 3. is a generalization of 4. eats Exercise 7 To tell if one element in ZooGraph has relation X to...
-
Explain what we mean by data abstraction.
-
If an item is to be inserted whose key value is less than the key value in node 1, but greater than the key value in node 5, where would it be inserted? The numbers on the nodes are labels so that we...
-
True or False? The explicit representation of a set uses a bit vector.
-
For the Map ADT, ItemType contains a key and a value. When performing a Find operation on a map, we pass it an ItemType object. What should the value field of that object contain?
-
(a) B marks Scenario 1 First Choice Home Loans Ltd is an Australian company that provides mortgage loans which are loans that are typically secured by the property of the borrower. First Choice Home...
-
In a system with light damping (c < cc), the period of vibration is commonly defined as the time interval d = 2/d corresponding to two successive points where the displacement-time curve touches one...
-
Gwinnett County Chrome Company manufactures three chrome-plated productsautomobile bumpers, valve covers, and wheels. These products are manufactured in two production departments (Stamping and...
-
Steelcase Inc. (SCS) is one of the largest manufacturers of office furniture in the United States. In Grand Rapids, Michigan, it assembles filing cabinets in an Assembly Department. Assume the...
-
A firm has $100,000 in direct materials costs, $50,000 in direct labor costs, and $80,000 in overhead. Which of the following is true? a. Prime costs are $150,000; conversion costs are $180,000. b....
-
DVDs and Blu-ray disks store information in patterns that are read by laser light. The shorter the wavelength of the light, the closer the data tracks can be placed on the disk. A Blu-ray player uses...
-
If you look through a piece of very fine fabric at a tiny white light source, you will see a rainbow pattern. Explain the source of the pattern.
-
The distinctly blue shade of a blue spruce results from the scattering of light by small waxy particles that coat the leaves. Explain how this scattering can protect the leaves from damage by...
Study smarter with the SolutionInn App