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, $2,380.

Materials requisitioned and factory labor used:

Job No.	Materials		Factory Labor
101	$2,730		$2,040
102	3,330		2,750
103	2,210		1,350
104	7,480		5,060
105	4,750		3,860
106	3,470		2,450
For general factory use	930		3,020

Factory overhead costs incurred on account, $5,210.

Depreciation of machinery and equipment, $1,450.

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

Job No.	Machine Hours
101		43
102		18
103		38
104		70
105		39
106		31
Total		239

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

Jobs were shipped and customers were billed as follows: Job 101, $7,790; Job 102, $8,160; Job 105, $14,730.

Required:

1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

Entries

Description

Debit

Credit

a.

Materials

Accounts Payable

b.

Work in Process

Factory Overhead

Materials

Wages Payable

c.

Factory Overhead

Accounts Payable

d.

Factory Overhead

Accumulated Depreciation-Machinery and Equipment

e.

Work in Process

Factory Overhead

f.

Finished Goods

Work in Process

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)		(f)
(e)
Bal.

Finished Goods
(f)		(g)
Bal.

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	$		$		$		$
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)	$		$		$		$