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:
a) Materials purchased on account, $2,670.
b) Materials requisitioned and factory labor used:
Job No. | Materials | Factory Labor | ||
101 | $1,840 | $2,050 | ||
102 | 2,240 | 2,770 | ||
103 | 1,490 | 1,350 | ||
104 | 5,040 | 5,080 | ||
105 | 3,200 | 3,870 | ||
106 | 2,340 | 2,460 | ||
For general factory use | 630 | 3,030 |
c) Factory overhead costs incurred on account, $3,510.
d) Depreciation of machinery and equipment, $1,460.
e) The factory overhead rate is $40 per machine hour. Machine hours used:
Job No. | Machine Hours | ||
101 | 22 | ||
102 | 24 | ||
103 | 43 | ||
104 | 70 | ||
105 | 35 | ||
106 | 21 | ||
Total | 215 |
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $5,720; Job 102, $7,160; Job 105, $13,220.
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.
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) | $ | $ | $ | $ |
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