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, $2,550.
Materials requisitioned and factory labor used:
| Job No. | Materials | Factory Labor |
| 101 | $2,960 | $3,250 |
| 102 | 3,610 | 4,390 |
| 103 | 2,400 | 2,150 |
| 104 | 8,110 | 8,060 |
| 105 | 5,150 | 6,140 |
| 106 | 3,760 | 3,900 |
| For general factory use | 1,010 | 4,810 |
Factory overhead costs incurred on account, $5,650.
Depreciation of machinery and equipment, $2,310.
The factory overhead rate is $40 per machine hour. Machine hours used:
| Job No. | Machine Hours |
| 101 | 30 |
| 102 | 34 |
| 103 | 26 |
| 104 | 78 |
| 105 | 22 |
| 106 | 27 |
| Total | 217 |
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $8,890; Job 102, $11,230; Job 105, $16,210.
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. | |
| | fill in the blank 2 | fill in the blank 3 |
| | |
| | fill in the blank 5 | fill in the blank 6 |
| | | | |
| b. | |
| | fill in the blank 8 | fill in the blank 9 |
| | |
| | fill in the blank 11 | fill in the blank 12 |
| | |
| | fill in the blank 14 | fill in the blank 15 |
| | |
| | fill in the blank 17 | fill in the blank 18 |
| | | | |
| c. | |
| | fill in the blank 20 | fill in the blank 21 |
| | |
| | fill in the blank 23 | fill in the blank 24 |
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| d. | |
| | fill in the blank 26 | fill in the blank 27 |
| | |
| | fill in the blank 29 | fill in the blank 30 |
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| e. | |
| | fill in the blank 32 | fill in the blank 33 |
| | |
| | fill in the blank 35 | fill in the blank 36 |
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| f. | |
| | fill in the blank 38 | fill in the blank 39 |
| | |
| | fill in the blank 41 | fill in the blank 42 |
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| g. Sale | |
| | fill in the blank 44 | fill in the blank 45 |
| | |
| | fill in the blank 47 | fill in the blank 48 |
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| g. Cost | |
| | fill in the blank 50 | fill in the blank 51 |
| | |
| | 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 60 | | |
| Bal. | fill in the blank 61 | | |
Finished Goods | Transaction | Debit amount | Transaction | Credit amount |
| |
| | 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 |
