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, $2,490.
2. Materials requisitioned and factory labor used:

Job No.	Materials	Factory Labor
101	$2,940		$2,870
102	3,590		3,870
103	2,380		1,890
104	8,060		7,120
105	5,120		5,420
106	3,730		3,440
For general factory use	1,000		4,250

2. Factory overhead costs incurred on account, $5,620.
3. Depreciation of machinery and equipment, $2,040.
4. The factory overhead rate is $55 per machine hour. Machine hours used:

Job No.	Machine Hours
101		37
102		31
103		35
104		78
105		36
106		26
Total		243

2. Jobs completed: 101, 102, 103, and 105.
3. Jobs were shipped and customers were billed as follows: Job 101, $9,410; Job 102, $11,000; Job 105, $17,970.

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.	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process
b.	Accounts PayableCashCost of Goods SoldMaterialsWages PayableWork in Process
	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages Payable
	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in Process
	Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages Payable
c.	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process
	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process
d.	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Process
	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Process
e.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process
f.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process
g. Sale	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process
	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process
g. Cost	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process
	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process

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.