Question

Entries for Factory Costs and Jobs Completed Munch Printing 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, $510 of indirect materials and $6,210 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 $5,310 Direct materials $2,480 Direct labor 2,000 Direct labor 1,100 Factory overhead 1,100 Factory overhead 605 Total $8,410 Total $4,185 Job 303 Job 304 Direct materials $7,360 Direct materials $1,530 Direct labor 2,300 Direct labor 300 Factory overhead Factory overhead Journalize the summary entry to record each of the following operations for January (one entry for each operation): a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Materials Feedback a. Record direct materials costs in the work in process account, and indirect materials costs in the factory overhead account. Learning Objective 2. b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback b.Record direct labor costs in the work in process account, and indirect labor costs in the factory overhead account. Learning Objective 2. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). Work in Process Factory Overhead Feedback c. Apply factory overhead based on direct labor costs. Learning Objective 2. d. Completion of Jobs 301 and 302. Finished Goods Work in Process FeedbackEntries for Factory Costs and Jobs Completed Munch Printing 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, $510 of indirect materials and $6,210 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 $5,310 Direct materials $2,480 Direct labor 2,000 Direct labor 1,100 Factory overhead 1,100 Factory overhead 605 Total $8,410 Total $4,185 Job 303 Job 304 Direct materials $7,360 Direct materials $1,530 Direct labor 2,300 Direct labor 300 Factory overhead Factory overhead Journalize the summary entry to record each of the following operations for January (one entry for each operation): a. Direct and indirect materials used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Materials Feedback a. Record direct materials costs in the work in process account, and indirect materials costs in the factory overhead account. Learning Objective 2. b. Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. Work in Process Factory Overhead Wages Payable Feedback b.Record direct labor costs in the work in process account, and indirect labor costs in the factory overhead account. Learning Objective 2. c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). Work in Process Factory Overhead Feedback c. Apply factory overhead based on direct labor costs. Learning Objective 2. d. Completion of Jobs 301 and 302. Finished Goods Work in Process

Answer 1