Question - Entries for factory costs and jobs completed
Munch Printing Inc. began printing operations on July 1. Jobs 10 and 11 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 12 and 13 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, $2,910 of indirect materials and $35,210 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 10
|
Job 11
|
|
Direct materials
|
30,110
|
Direct materials
|
14,080
|
|
Direct labor
|
11,500
|
Direct labor
|
6,000
|
|
Factory overhead
|
6,325
|
Factory overhead
|
3,300
|
|
Total
|
47,935
|
Total
|
23,380
|
|
Job 12
|
Job 13
|
|
Direct materials
|
43,230
|
Direct materials
|
8,670
|
|
Direct labor
|
12,800
|
Direct labor
|
1,700
|
|
Factory overhead
|
|
Factory overhead
|
|
a. Journalize the summary entry to record the direct and indirect materials used for July.
b. Journalize the summary entry to record the direct and indirect labor used for July.
c. Journalize the summary entry to record factory overhead applied for July (a single overhead rate is used based on direct labor cost).
d. Journalize the summary entry to record completion of Jobs 10 and 11.