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 ProcessMaterials	fill in the blank 2	fill in the blank 3
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessAccounts Payable	fill in the blank 5	fill in the blank 6
b.	Accounts PayableCashCost of Goods SoldMaterialsWages PayableWork in ProcessWork in Process	fill in the blank 8	fill in the blank 9
	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages PayableFactory Overhead	fill in the blank 11	fill in the blank 12
	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in ProcessMaterials	fill in the blank 14	fill in the blank 15
	Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages PayableWages Payable	fill in the blank 17	fill in the blank 18
c.	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in ProcessFactory Overhead	fill in the blank 20	fill in the blank 21
	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in ProcessAccounts Payable	fill in the blank 23	fill in the blank 24
d.	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in ProcessFactory Overhead	fill in the blank 26	fill in the blank 27
	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in ProcessAccumulated Depreciation-Machinery and Equipment	fill in the blank 29	fill in the blank 30
e.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessWork in Process	fill in the blank 32	fill in the blank 33
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessFactory Overhead	fill in the blank 35	fill in the blank 36
f.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessFinished Goods	fill in the blank 38	fill in the blank 39
	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessWork in Process	fill in the blank 41	fill in the blank 42
g. Sale	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in ProcessAccounts Receivable	fill in the blank 44	fill in the blank 45
	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in ProcessSales	fill in the blank 47	fill in the blank 48
g. Cost	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessCost of Goods Sold	fill in the blank 50	fill in the blank 51
	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessFinished 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
(a)(b)(c)(d)(f)(g)(b)	fill in the blank 56	(a)(b)(c)(d)(e)(f)(g)(f)	fill in the blank 58
(a)(c)(d)(e)(f)(g)(e)	fill in the blank 60
Bal.	fill in the blank 61

Finished Goods
(a)(b)(c)(d)(e)(f)(g)(f)	fill in the blank 63	(a)(b)(c)(d)(e)(f)(g)(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. 105No. 104	$	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. 106No. 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)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