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:

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: a. Materials purchased on account, $2,790 b. Materials requisitioned and factory labor used Job No 101 102 103 104 105 106 For general factory use Materials Factory Labor $2,060 2,510 1,670 5,640 3,580 2,620 700 $2,190 2,960 1,450 5,430 4,140 2,630 3,240 c. Factory overhead costs incurred on account, $3,930 d. Depreciation of machinery and equipment, $1,550 e. The factory overhead rate is $40 per machine hour. Machine hours used Job No. 101 102 103 104 105 106 Total Machine Hours 30 16 17 70 28 17 178 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $6,540; Job 102, $7,330; Job 105, $11,020 Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank Entries Description Debit Credit C. g. Sale Cost 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 Bal. Finished Goods Bal . Prepare a schedule of unfinished jobs to support the balance in the work in process account. Hildreth Company Schedule of Unfinished Jobs Direct Materials Factory Job Direct Labor overhead 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 Direct Job Total Materials Direct Labor Factory