16-2B

PR 16-2B Entries and schedules for unfinished jobs and completed jobs Obj. 2 Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: SHOW ME HOW A. Materials purchased on account, $147,000. B. Materials requisitioned and factory labor used: GENERAL LEDGER 101 102 $19,500 28,140 14,000 Job No. Materials Factory Labor $19,320 23,100 103 13,440 104 38,200 36,500 105 18,050 15,540 106 18,000 18,700 For general 9,000 20,160 factory use C. Factory overhead costs incurred on account, $6,000. D. Depreciation of machinery and equipment, $4,100. E. The factory overhead rate is $40 per machine hour. Machine hours used: Machine Hours 154 160 126 238 160 F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Answer Check Figure: Work in Process balance, $127,880 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account