Question
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:
Materials purchased on account, $2,900.
Materials requisitioned and factory labor used:
Job No. | Materials | Factory Labor | ||
101 | $2,750 | $1,920 | ||
102 | 3,360 | 2,590 | ||
103 | 2,230 | 1,270 | ||
104 | 7,540 | 4,760 | ||
105 | 4,790 | 3,630 | ||
106 | 3,490 | 2,300 | ||
For general factory use | 940 | 2,840 |
Factory overhead costs incurred on account, $5,250.
Depreciation of machinery and equipment, $1,360.
The factory overhead rate is $55 per machine hour. Machine hours used:
Job No. | Machine Hours | ||
101 | 22 | ||
102 | 37 | ||
103 | 15 | ||
104 | 78 | ||
105 | 38 | ||
106 | 42 | ||
Total | 232 |
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $7,060; Job 102, $9,580; Job 105, $12,540.
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. | Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessAccounts Payable | fill in the blank 2 | fill in the blank 3 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessMaterials | fill in the blank 5 | fill in the blank 6 | |
b. | Accounts PayableCashCost of Goods SoldMaterialsWages PayableWork in Process | fill in the blank 8 | fill in the blank 9 |
Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages Payable | fill in the blank 11 | fill in the blank 12 | |
Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in Process | fill in the blank 14 | fill in the blank 15 | |
Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages Payable | fill in the blank 17 | fill in the blank 18 | |
c. | Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process | fill in the blank 20 | fill in the blank 21 |
Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process | fill in the blank 23 | fill in the blank 24 | |
d. | Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Process | fill in the blank 26 | fill in the blank 27 |
Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Process | fill in the blank 29 | fill in the blank 30 | |
e. | Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process | fill in the blank 32 | fill in the blank 33 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 35 | fill in the blank 36 | |
f. | Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process | fill in the blank 38 | fill in the blank 39 |
Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process | fill in the blank 41 | fill in the blank 42 | |
g. Sale | Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 44 | fill in the blank 45 |
Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 47 | fill in the blank 48 | |
g. Cost | Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process | fill in the blank 50 | fill in the blank 51 |
Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process | 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 | |||
---|---|---|---|
(a)(b)(c)(d)(f)(g) | fill in the blank 56 | (a)(b)(c)(d)(e)(f)(g) | fill in the blank 58 |
(a)(c)(d)(e)(f)(g) | fill in the blank 60 | ||
Bal. | fill in the blank 61 |
Finished Goods | |||
---|---|---|---|
(a)(b)(c)(d)(e)(f)(g) | fill in the blank 63 | (a)(b)(c)(d)(e)(f)(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. 101No. 102No. 103No. 104No. 105 | $ | fill in the blank 68 | $ | fill in the blank 69 | $ | fill in the blank 70 | $ | fill in the blank 71 |
No. 101No. 102No. 103No. 105No. 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)Finished Goods, April 30 (Job 105)Finished Goods, April 30 (Job 106) | $ | fill in the blank 79 | $ | fill in the blank 80 | $ | fill in the blank 81 | $ | fill in the blank 82 |
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