Question
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:
- Materials purchased on account, $2,820.
- Materials requisitioned and factory labor used:
Job No. Materials Factory Labor 101 $2,600 $2,090 102 3,170 2,820 103 2,110 1,380 104 7,120 5,180 105 4,520 3,950 106 3,300 2,510 For general factory use 880 3,090 - Factory overhead costs incurred on account, $4,970.
- Depreciation of machinery and equipment, $1,480.
- The factory overhead rate is $65 per machine hour. Machine hours used:
Job No. Machine Hours 101 28 102 26 103 20 104 71 105 20 106 18 Total 183 - Jobs completed: 101, 102, 103, and 105.
- Jobs were shipped and customers were billed as follows: Job 101, $7,810; Job 102, $9,220; Job 105, $13,890.
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 |
---|---|---|---|
a. | |||
b. | |||
c. | |||
d. | |||
e. | |||
f. | |||
g. Sale | |||
g. 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. |
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 | ||||
$ | $ | $ | $ | |||||
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 | ||||
$ | $ | $ | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started