Entries for Factory Costs and Jobs Completed Old School Publishing Inc. began printing operations on January 1. Jobs 301

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Entries for Factory Costs and Jobs Completed
Old School Publishing Inc. began printing operations on January1. Jobs 301 and 302 were completed during the month, and all costsapplicable to them were recorded on the related cost sheets. Jobs303 and 304 are still in process at the end of the month, and allapplicable costs except factory overhead have been recorded on therelated cost sheets. In addition to the materials and labor chargeddirectly to the jobs, $1,370 of indirect materials and $16,570 ofindirect labor were used during the month. The cost sheets for thefour jobs entering production during the month are as follows, insummary form:
Journalize the summary entry to record each of the followingoperations for January (one entry for each operation):
Question Content Area
a. Direct and indirect materials used.For a compound transaction, if an amount box does not require anentry, leave it blank.
CashCost of Goods SoldFactory ExpensesFinishedGoodsMaterialsWork in Process
Accounts PayableCashCost of Goods SoldFactory OverheadFinishedGoodsMaterials
Accounts PayableCashCost of Goods SoldFactoryOverheadMaterialsWork in Process
Question Content Area
b. Direct and indirect labor used. For acompound transaction, if an amount box does not require an entry,leave it blank.
Accounts PayableFinished GoodsMaterialsWages PayableWork inProcess
Accounts PayableCashFactory OverheadMaterialsWages Payable
Accounts PayableFactory OverheadMaterialsWages PayableWork inProcess
Question Content Area
c. Factory overhead applied to all fourjobs (a single overhead rate is used based on direct laborcost).
Accounts PayableCashFactory OverheadMaterialsWork in Process
Accounts PayableCashFactory OverheadFinished GoodsWork inProcess
Question Content Area
d. Completion of Jobs 301 and 302.
CashFactory OverheadFinished GoodsMaterialsWork in Process
Accounts PayableFactory OverheadFinished GoodsMaterialsWork inProcess