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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, $2,820.
  2. 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
  3. Factory overhead costs incurred on account, $4,970.
  4. Depreciation of machinery and equipment, $1,480.
  5. 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
  6. Jobs completed: 101, 102, 103, and 105.
  7. 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
$ $ $ $

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