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: a. Materials purchased on account, $1,870. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor $2,240 $2,450 101 102 2,730 3,310 103 1,810 1,620 104 6,140 6,080 105 3,900 4,630 106 2,840 2,940 For general factory use 760 3,630 c. Factory overhead costs incurred on account, $4,280. d. Depreciation of machinery and equipment, $1,740. e. The factory overhead rate is $70 per machine hour. Machine hours used: Job No. Machine Hours 101 43 102 18 103 44 104 70 105 33 106 22 Total 230 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $9,240; Job 102, $8,760; Job 105, $18,880. 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 1,870 Accounts Payable 1,870 b. Work in Process b. Work in Process Factory Overhead Materials 20,420 Wages Payable c. 4,280 Factory Overhead V Accounts Payable 4,280 d. Factory Overhead 1,740 Accumulated Depreciation-Machinery and Equipment 1,740 e. Work in Process 16,100 Factory Overhead 16,100 f. Finished Goods 22,690 X Work in Process 36,880 g. Sale Accounts Receivable Sales g. Cost Cost of Goods Sold Finished Goods 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 (b) (e) Bal. Finished Goods (f) (9) Bal. Bal. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Hildreth Company Schedule of Unfinished Jobs Direct Direct Job Factory Overhead Total Materials Labor No. 104 No. 106 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 Finished Goods, April 30 (Job 103) V $ $ $ $ Feedback Check My Work 1a & 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