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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:

  1. Materials purchased on account, $2,000.
  2. Materials requisitioned and factory labor used:
    Job No. Materials Factory Labor
    101 $3,350 $2,500
    102 4,090 3,380
    103 2,710 1,650
    104 9,180 6,200
    105 5,830 4,730
    106 4,250 3,000
    For general factory use 1,140 3,700
  3. Factory overhead costs incurred on account, $6,400.
  4. Depreciation of machinery and equipment, $1,780.
  5. The factory overhead rate is $65 per machine hour. Machine hours used:
    Job No. Machine Hours
    101 33
    102 19
    103 26
    104 66
    105 24
    106 24
    Total 192
  6. Jobs completed: 101, 102, 103, and 105.
  7. Jobs were shipped and customers were billed as follows: Job 101, $9,590; Job 102, $10,450; Job 105, $17,550.

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 fill in the blank 3
Accounts Payable fill in the blank 5 fill in the blank 6
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
(b) fill in the blank 56 (f) fill in the blank 58
(e) fill in the blank 60
Bal. fill in the blank 61

Finished Goods
(f) fill in the blank 63 (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. 104 $ fill in the blank 68 $ fill in the blank 69 $ fill in the blank 70 $ fill in the blank 71
No. 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.

Hildreth Company Schedule of Completed Jobs
Job Direct Materials Direct Labor Factory Overhead Total
Finished Goods, April 30 (Job 103) $ fill in the blank 79 $ fill in the blank 80 $ fill in the blank 81 $ fill in the blank 82

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