Entries and Schedules for Unfinished Jobs and Completed Jobs

Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations:

1. Materials purchased on account, $1,830.
2. Materials requisitioned and factory labor used:

Job No.MaterialsFactory Labor101$3,340$2,5801024,0703,4801032,7101,7001049,1506,4001055,8104,8801064,2403,100For general factory use1,1403,820

2. Factory overhead costs incurred on account, $6,380.
3. Depreciation of machinery and equipment, $1,830.
4. The factory overhead rate is $35 per machine hour. Machine hours used:

Job No.Machine Hours101321021810344104661054410640Total244

2. Jobs completed: 101, 102, 103, and 105.
3. Jobs were shipped and customers were billed as follows: Job 101, $8,450; Job 102, $9,820; Job 105, $17,260.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

EntriesDescriptionDebitCredita.Accounts PayableFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 2fill in the blank 3 Accounts PayableFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 5fill in the blank 6 b.Accounts PayableCost of Goods SoldMaterialsWages PayableWork in Processfill in the blank 8fill in the blank 9 Accounts PayableAccounts ReceivableFactory OverheadMaterialsWages Payablefill in the blank 11fill in the blank 12 Accounts PayableAccounts ReceivableFactory OverheadMaterialsWork in Processfill in the blank 14fill in the blank 15 Accounts PayableFactory OverheadFinished GoodsWork in ProcessWages Payablefill in the blank 17fill in the blank 18 c.Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in Processfill in the blank 20fill in the blank 21 Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in Processfill in the blank 23fill in the blank 24 d.Accumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Processfill in the blank 26fill in the blank 27 Accumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Processfill in the blank 29fill in the blank 30 e.Accounts ReceivableCashFactory OverheadFinished GoodsWork in Processfill in the blank 32fill in the blank 33 CashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 35fill in the blank 36 f.Accounts ReceivableCashFactory OverheadFinished GoodsWork in Processfill in the blank 38fill in the blank 39 CashFactory OverheadFinished GoodsMaterialsWork in Processfill in the blank 41fill in the blank 42 g. SaleAccounts ReceivableCashFinished GoodsSalesWork in Processfill in the blank 44fill in the blank 45 Accounts ReceivableCashFinished GoodsSalesWork in Processfill in the blank 47fill in the blank 48 g. CostCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Processfill in the blank 50fill in the blank 51 Cost of Goods SoldFactory OverheadFinished GoodsSalesWork in Processfill in the blank 53fill in the blank 54

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.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.