Question
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
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.
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