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, $8,400 of indirect materials and $13,700 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 $10,100 Direct materials$19,000

Direct labor $8,500 Direct labor $16,200

Factory overhead $5,950 Factory overhead $11,340

Total$24,550 Total$46,540

Job 303Job 304

Direct materials $23,700 Direct materials $12,700

Direct labor $16,300 Direct labor $11,800

Factory overhead— Factory overhead—

Journalize accordingly:

CHART OF ACCOUNTS Old School Publishing Inc.General Ledger ASSETS 110 Cash 121 Accounts Receivable 125

Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory

LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable

EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary

Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.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 on direct labor cost).d. Completion of Jobs 301 and 302.

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