Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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, $2,480.
Materials requisitioned and factory labor used:
Job No. Materials Factory Labor
101 $2,570 $3,140
1023,1404,240
1032,0802,070
1047,0407,790
1054,4705,930
1063,2603,770
For general factory use 8704,650
Factory overhead costs incurred on account, $4,910.
Depreciation of machinery and equipment, $2,230.
The factory overhead rate is $70 per machine hour. Machine hours used:
Job No. Machine Hours
10115
10232
10324
10468
10523
10615
Total 177
Jobs completed: 101,102,103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $8,110; Job 102, $11,540; Job 105, $16,910.
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
2,480
fill in the blank 3
Accounts Payable
fill in the blank 5
fill in the blank 6
2,480
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
$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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Corporate Fraud

Authors: Tracy L. Coenen

1st Edition

047019412X, 978-0470194126

More Books

Students also viewed these Accounting questions