Entries for Factory Costs and Jobs Completed 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, $4,500 of indirect materials and $8,200 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:

Event                  Account                   Debit                          Credit  

a                  Work in process             $ 55,500  

                 Manufacturing plant Overhead   $ 4,500  

                             Materials                                                 $ 60,000  

                     (To record material utilized)  

b                       Work in process               $ 106,800  

                     Manufacturing plant Overhead    $ 8,200  

                               Wages Payable                                 $ 115,000  

                            (To record work utilized)  

c                     Work in process ($106,800*25%)$ 26,700  

                            Manufacturing plant Overhead                  $ 26,700  

                 (To record overhead applied)   $7,750/$31,000=25%  

d                               Finished Goods        $ 122,750

                                     Work in process                                $ 122,750  

                 (To record products finished) ($51,250+$71,500)

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