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:

Materials purchased on account, $2,920.

Materials requisitioned and factory labor used:

Job No.MaterialsFactory Labor

101$2,850 $2,940

1023,480 3,970

1032,310 1,940

1047,810 7,290

1054,960 5,560

1063,620 3,530

For general factory use970 4,350

Factory overhead costs incurred on account, $5,440.

Depreciation of machinery and equipment, $2,090.

The factory overhead rate is $60 per machine hour. Machine hours used:

Job No.Machine Hours

101 20

102 44

103 35

104 78

105 23

106 38

Total 238

Jobs completed: 101, 102, 103, and 105.

Jobs were shipped and customers were billed as follows: Job 101, $8,390; Job 102, $12,110; Job 105, $18,420.

Required:

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

EntriesDescriptionDebitCredit

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. SaleAccounts Receivable

Sales

g. CostCost 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

JobDirect MaterialsDirect LaborFactory OverheadTotal

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

JobDirect MaterialsDirect LaborFactory OverheadTotal

Finished Goods, April 30 (Job 103) $$$$