Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries and Schedules for Unfinished Jobs and Completed Jobs Hildeeth Company uses a job order cost system. The following data summarize the operations related to

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildeeth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,320 b. Materials requisitioned and factory labor used: Job No. Materials 101 Factory Labor 52,470 3,330 $1,990 2.430 1,610 102 103 1,630 6,130 104 105 3,460 106 2,530 4,670 2,960 3,660 For general factory use c. Factory overhead costs incurred on account: $3,800 d. Depreciation of machinery and equipment, $1,750. . The factory overhead rotes 335 per machine hour Machine hour wedi Job No. 101 102 103 Machine Hours 40 15 27 B3 104 105 31 101 40 102 35 103 27 104 83 105 31 16 106 Total 232 f. Jobs completed: 101, 102, 103, and 105. 9. Jobs were shipped and customers were billed as follows: Job 101, $7,030; Job 102, $8,380; Job 105, $12,140. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. Entries Description Debit Credit Entries Credit Description Debit a. b. 19. Sale d. e. 9. Sale 9. Cost 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as trans the month Work in Process Bal. 7. Post the appropriate miesto accounts for Work Process and Finished Goods, using the identifying letters as transaction codes Isot momo atcount balances of the end of the month Work in Process Bal Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Hildreth Company Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total Balance of Work in Process, April 30 $ 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account, Hildreth Company Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Smith and Roberson Business Law

Authors: Richard A. Mann, Barry S. Roberts

15th Edition

1285141903, 1285141903, 9781285141909, 978-0538473637

Students also viewed these Accounting questions