Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Entries and Schedules for Unfinished Jobs and Completed Jobs

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

  1. Materials purchased on account, $3,180.
  2. Materials requisitioned and factory labor used:
    Job No. Materials Factory Labor
    101 $2,610 $2,520
    102 3,180 3,400
    103 2,110 1,660
    104 7,150 6,250
    105 4,540 4,760
    106 3,310 3,020
    For general factory use 890 3,730
  3. Factory overhead costs incurred on account, $4,990.
  4. Depreciation of machinery and equipment, $1,790.
  5. The factory overhead rate is $50 per machine hour. Machine hours used:
    Job No. Machine Hours
    101 24
    102 18
    103 27
    104 73
    105 21
    106 22
    Total 185
  6. Jobs completed: 101, 102, 103, and 105.
  7. Jobs were shipped and customers were billed as follows: Job 101, $7,600; Job 102, $8,980; Job 105, $14,850.

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
a. Materials
Accounts Payable
b. Work in Process
Factory Overhead
Materials
Wages Payable
c. Factory Overhead
Accounts Payable
d. Factory Overhead
Accumulated Depreciation-Machinery and Equipment
e. Work in Process
Factory Overhead
f. Finished Goods
Work in Process
g. Sale Accounts Receivable
Sales
g. Cost Cost of Goods Sold
Finished Goods

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.

Work in Process
(b) (f)
(e)
Bal.

Finished Goods
(f) (g)
Bal.

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
No. 104 $ $ $ $
No. 106
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
Finished Goods, April 30 (Job 103) $ $ $ $

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

Auditing The Modern Hospital

Authors: B. J Hall

1st Edition

0130516724, 978-0130516725

More Books

Students also viewed these Accounting questions

Question

10-9 How have social technologies changed e-commerce?

Answered: 1 week ago