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, $2,630.
- Materials requisitioned and factory labor used:
Job No. Materials Factory Labor 101 $3,300 $2,450 102 4,030 3,310 103 2,670 1,620 104 9,040 6,080 105 5,740 4,630 106 4,190 2,940 For general factory use 1,120 3,630 - Factory overhead costs incurred on account, $6,300.
- Depreciation of machinery and equipment, $1,740.
- The factory overhead rate is $75 per machine hour. Machine hours used:
Job No. Machine Hours 101 15 102 22 103 27 104 79 105 44 106 17 Total 204 - Jobs completed: 101, 102, 103, and 105.
- Jobs were shipped and customers were billed as follows: Job 101, $8,250; Job 102, $10,790; Job 105, $18,310.
Required:
1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
Entries | Description | Debit | Credit |
---|---|---|---|
a. | Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 2 | fill in the blank 3 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 5 | fill in the blank 6 | |
b. | Accounts PayableCashCost of Goods SoldMaterialsWages PayableWork in Process | fill in the blank 8 | fill in the blank 9 |
Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages Payable | fill in the blank 11 | fill in the blank 12 | |
Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in Process | fill in the blank 14 | fill in the blank 15 | |
Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages Payable | fill in the blank 17 | fill in the blank 18 | |
c. | Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process | fill in the blank 20 | fill in the blank 21 |
Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process | fill in the blank 23 | fill in the blank 24 | |
d. | Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Process | fill in the blank 26 | fill in the blank 27 |
Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Process | fill in the blank 29 | fill in the blank 30 | |
e. | Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process | fill in the blank 32 | fill in the blank 33 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 35 | fill in the blank 36 | |
f. | Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process | fill in the blank 38 | fill in the blank 39 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 41 | fill in the blank 42 | |
g. Sale | Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 44 | fill in the blank 45 |
Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 47 | fill in the blank 48 | |
g. Cost | Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 50 | fill in the blank 51 |
Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 53 | fill in the blank 54 |
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 | |||
---|---|---|---|
(a)(b)(c)(d)(f)(g) | fill in the blank 56 | (a)(b)(c)(d)(e)(f)(g) | fill in the blank 58 |
(a)(c)(d)(e)(f)(g) | fill in the blank 60 | ||
Bal. | fill in the blank 61 |
Finished Goods | |||
---|---|---|---|
(a)(b)(c)(d)(e)(f)(g) | fill in the blank 63 | (a)(b)(c)(d)(e)(f)(g) | fill in the blank 65 |
Bal. | fill in the blank 66 |
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 | ||||
No. 101No. 102No. 103No. 104No. 105 | $ | fill in the blank 68 | $ | fill in the blank 69 | $ | fill in the blank 70 | $ | fill in the blank 71 |
No. 101No. 102No. 103No. 105No. 106 | fill in the blank 73 | fill in the blank 74 | fill in the blank 75 | fill in the blank 76 | ||||
Balance of Work in Process, April 30 | $ | fill in the blank 77 |
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started