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, $7,500 of indirect materials and $11,800 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 $10,000
Direct labor 8,000
Factory overhead 6,000
Total $24,000

Job 302
Direct materials $20,000
Direct labor 17,000
Factory overhead 12,750
Total $49,750

Job 303
Direct materials $24,000
Direct labor 18,000
Factory overhead â
Job 304
Direct materials $14,000
Direct labor 12,000
Factory overhead â

Required:
Journalize the Jan. 31 summary entries

.

Collegiate Publishing Inc.

Journal Entries:

Debit Finished Goods Inventory $73,750

Credit Work in Process:

Job 301 $24,000

Job 302 $49,750

To record the transfer of completed jobs to Finished Goods Inventory.

Debit Work in Process:

Job 303 $24,000

Job 304 $14,000

Credit Raw materials $38,000

To record raw materials used in production.

Debit Work in Process:

Job 303 $18,000

Job 304 $12,000

Credit Payroll $30,000

To record direct labor incurred in production.

Debit Manufacturing Overhead $19,300

Credit Raw materials $7,500

Credit Payroll $11,800

To record manufacturing overhead costs for indirect materials and labor.

Explanation:

a) Data and Calculations:

Indirect materials = $7,500

Indirect labor = $11,800

Job Cost Sheets:   Job 301     Job 302    Job 303    Job 304

Direct materials     $10,000   $20,000    $24,000   $14,000

Direct labor               8,000       17,000       18,000      12,000

Factory overhead    6,000       12,750

Total                    $24,000    $49,750

Summary Entries:

Finished Goods Inventory $73,750 Work in Process: Job 301 $24,000 Job 302 $49,750

Work in Process: Job 303 $24,000 Job 304 $14,000 Raw materials $38,000

Work in Process: Job 303 $18,000 Job 304 $12,000 Payroll $30,000

Manufacturing Overhead $19,300 Raw materials $7,500 Payroll $11,800

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