Answer:
1) Prepare the journal entry for the purchases/receivings.
Dr Inventory: 14k gold 24,000
Dr Inventory: diamonds 28,000
Dr Inventory: rubies 14,000
Cr Cash (or accounts payable) 66,000
2) Prepare the journal entry for the direct materials requisitions (by job).
Dr Work in process (job 101) 7,480
Cr Inventory: 14k gold 480
Cr Inventory: diamonds 2,800
Cr Inventory: rubies 4,200
Dr Work in process (job 102) 2,360
Cr Inventory: 14k gold 960
Cr Inventory: rubies 1,400
3) Prepare the journal entry for factory payroll.
Dr Work in process 280,000
Cr Wages payable 280,000
