Question: old school publishing inc began printing operations on january 1...
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 costs sheets. Jobs 303 and 394 are still in process at the end if 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, $7,000 of indirect materials and $11,2000 of indirect labor were used during the month. The cost s
heets for the four jobs entering production during the month are as follows, in summary form.
Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation).
a. Direct and indirect materials used
b. Direct and indirect labor used
c. Factory overhead applied to all four jobs (a single overhead rate is used based of direct labor cost).
d. Completion of Jobs 301 and 302.