ntries for Factory Costs and Jobs Completed 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, $8,000 of indirect materials and $12,400 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 $10,000     Direct materials $20,000 Direct labor 8,000     Direct labor 17,000 Factory overhead 6,000     Factory overhead 12,750 Total $24,000     Total $49,750             Job 303     Job 304 Direct materials $24,000     Direct materials $14,000 Direct labor 18,000     Direct labor 12,000 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. b.  Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank. c.  Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost). d.  Completion of Jobs 301 and 302.   Can you please explain how to find the factory overhead values in more depth as well as c and d. Thank you

Entries for Factory Costs and Jobs Completed

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, $8,000 of indirect materials and $12,400 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 $10,000     Direct materials $20,000
Direct labor 8,000     Direct labor 17,000
Factory overhead 6,000     Factory overhead 12,750
Total $24,000     Total $49,750
           
Job 303     Job 304
Direct materials $24,000     Direct materials $14,000
Direct labor 18,000     Direct labor 12,000
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.

b.  Direct and indirect labor used. For a compound transaction, if an amount box does not require an entry, leave it blank.

c.  Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost).

d.  Completion of Jobs 301 and 302.

 

Can you please explain how to find the factory overhead values in more depth as well as c and d. Thank you

 

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