Entries and Schedules for Unfinished Jobs and Completed Jobs

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

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

Materials requisitioned and factory labor used:

Job No$.$ Materials Factory Labor

$101$ $$19,320$ $$19,500$

$10223,10028,140$

$10313,44014,000$

$10438,20036,500$

$10518,05015,540$

$10618,00018,700$

For general factory use $9,00020,160$

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

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

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

Job No$.$ Machine Hours

$101154$

$102160$

$103126$

$104238$

$105160$

$106174$

Total $1,012$

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

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.

Entries Description Debit Credit

a$.$

Materials

fill in the blank $2$

$147,000$

fill in the blank $3$

Accounts Payable

fill in the blank $5$

fill in the blank $6$

$147,000$

b$.$

Work in Process

fill in the blank $8$

fill in the blank $9$

Factory Overhead

fill in the blank $11$

fill in the blank $12$

Materials

fill in the blank $14$

fill in the blank $15$

Wages Payable

fill in the blank $17$

fill in the blank $18$

c$.$

Factory Overhead

fill in the blank $20$

fill in the blank $21$

Accounts Payable

fill in the blank $23$

fill in the blank $24$

d$.$

Factory Overhead

fill in the blank $26$

fill in the blank $27$

Accumulated Depreciation$-$Machinery and Equipment

fill in the blank $29$

fill in the blank $30$

e$.$

Work in Process

fill in the blank $32$

fill in the blank $33$

Factory Overhead

fill in the blank $35$

fill in the blank $36$

f$.$

Finished Goods

fill in the blank $38$

fill in the blank $39$

Work in Process

fill in the blank $41$

fill in the blank $42$

g$.$ Sale

Accounts Receivable

fill in the blank $44$

fill in the blank $45$

Sales

fill in the blank $47$

fill in the blank $48$

g$.$ Cost

Cost of Goods Sold

fill in the blank $50$

fill in the blank $51$

Finished Goods

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

Transaction Debit amount Transaction Credit amount

fill in the blank $56$

fill in the blank $58$

fill in the blank $60$

Bal. fill in the blank $61$

Finished Goods

Transaction Debit amount Transaction Credit amount

fill in the blank $63$

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$.101$

$fill in the blank $68$

$fill in the blank $69$

$fill in the blank $70$

$fill in the blank $71$

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.

Hildreth Company

Schedule of Completed Jobs

Job Direct Materials Direct Labor Factory

Overhead Total

$fill in the blank $79$

$fill in the blank $80$

$fill in the blank $81$

$fill in the blank $82$

Feedback Area

Feedback

$1$a & b$.$

Materials are recorded in the Materials Inventory account until requisitioned.

All direct costs: materials and labor are recorded in the Work in Process account.

All indirect costs are considered overhead and are recorded in the Factory Overhead account.

Overhead is applied to Work in Process using a predetermined overhead rate.

The cost of completed jobs should be moved to the Finished Goods account.

The cost of sold jobs should be moved to the Cost of Goods Sold account.

$2.$ Post entries to the Work in Process T account and to the Finished Goods T account.

$3.$ Include the direct materials, direct labor, and factory overhead for each unfinished job.

$4.$ Include the direct materials, direct labor, and factory overhead for each finished job.

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