Entries and Schedules for Unfinished Jobs and Completed Jobs

Hildreth Company uses ajob order cost system. The following data summarize the operations related to production for April, the first month of operations:

a. Materials purchased on account, $147,000.

b. Materials requisitionedand factory labor used:

Job No. Material Factory Labor

101 $19,320 $19,500

102 23,100 28,140

103 13,440 14,000

104 38,200 36,500

105 18,050 15,540

106 18,000 18,700

For general factory use 9,000 20,160

c. Factory overhead costs incurred on account, $6,000.

d. Depreciation of machinery and equipment, $4,100.

e. The factory overhead rate is $40 per machine hour. Machine hours used:

Job No. Machine Hours

101 154

102 160

103 126

104 238

105 160

106 174

Total 1,012

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

g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.

Required:

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

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 schedule of unfinished jobs to support the balance in the work in process account.

4.Prepare schedule of completed jobs on hand to support the balance in the finished goods account.