Entries and Schedules for Unfinished Jobs and Completed Jobs

Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:

Materials purchased on account, $25,750.

Materials requisitioned and factory labor used:

Job	Materials		Factory Labor
301	$2,590		$3,030
302	3,160		4,090
303	2,100		2,000
304	7,100		7,510
305	4,510		5,730
306	3,290		3,640
For general factory use	880		4,480

Factory overhead costs incurred on account, $4,950.

Depreciation of factory machinery and equipment, $2,150.

The factory overhead rate is $45 per machine hour. Machine hours used:

Job	Machine Hours
301		33
302		17
303		22
304		82
305		32
306		22
Total		208

Jobs completed: 301, 302, 303, and 305.

Jobs were shipped and customers were billed as follows: Job 301, $8,530; Job 302, $9,620; Job 303, $14,760.

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 PayableFactory OverheadFinished GoodsMaterialsWork in Process	fill in the blank	fill in the blank
	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in Process	fill in the blank	fill in the blank
b.	Accounts PayableCost of Goods SoldMaterialsWages PayableWork in Process	fill in the blank	fill in the blank
	Accounts PayableAccounts ReceivableFactory OverheadMaterialsWages Payable	fill in the blank	fill in the blank
	Accounts PayableAccounts ReceivableFactory OverheadMaterialsWork in Process	fill in the blank	fill in the blank
	Accounts PayableCost of Goods SoldFactory OverheadWork in ProcessWages Payable	fill in the blank	fill in the blank
c.	Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in Process	fill in the blank	fill in the blank
	Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in Process	fill in the blank	fill in the blank
d.	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCost of Goods SoldFactory OverheadWork in Process	fill in the blank	fill in the blank
	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCost of Goods SoldFactory OverheadWork in Process	fill in the blank	fill in the blank
e.	Accounts PayableAccounts ReceivableFactory OverheadFinished GoodsWork in Process	fill in the blank	fill in the blank
	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in Process	fill in the blank	fill in the blank
f.	Accounts PayableAccounts ReceivableFactory OverheadFinished GoodsWork in Process	fill in the blank	fill in the blank
	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in Process	fill in the blank	fill in the blank
g.	Accounts ReceivableFactory OverheadFinished GoodsSalesWork in Process	fill in the blank	fill in the blank
	Accounts ReceivableFactory OverheadFinished GoodsSalesWork in Process	fill in the blank	fill in the blank
	Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in Process	fill in the blank	fill in the blank
	Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in Process	fill in the blank	fill in the blank

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	(a)(b)(c)(d)(e)(f)(g)	fill in the blank
(a)(c)(d)(e)(f)(g)	fill in the blank
Bal.	fill in the blank

Finished Goods
(a)(b)(c)(d)(e)(f)(g)	fill in the blank	(a)(b)(c)(d)(e)(f)(g)	fill in the blank
Bal.	fill in the blank

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Kaymer Industries Inc. Schedule of Unfinished Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
No. 301No. 302No. 303No. 304No. 305		fill in the blank		fill in the blank		fill in the blank		fill in the blank
No. 302No. 303No. 304No. 305No. 306		fill in the blank		fill in the blank		fill in the blank		fill in the blank
Balance of Work in Process, January 30								fill in the blank

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Kaymer Industries Inc. Schedule of Completed Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
Finished Goods, January 30 (Job 303)Finished Goods, January 30 (Job 305)Finished Goods, January 30 (Job 306)		fill in the blank		fill in the blank		fill in the blank		fill in the blank