Entries and Schedules for Unfinished Jobs and Completed Jobs

Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations:

Materials purchased on account, $2,590.

Materials requisitioned and factory labor used:

Job	Materials		Factory Labor
No. 301	$3,350		$1,800
No. 302	4,090		2,430
No. 303	2,710		1,190
No. 304	9,180		4,460
No. 305	5,830		3,400
No. 306	4,250		2,160
For general factory use	1,140		2,660

Factory overhead costs incurred on account, $6,400.

Depreciation of machinery and equipment, $1,280.

The factory overhead rate is $75 per machine hour. Machine hours used:

Job	Machine Hours
No. 301	39
No. 302	16
No. 303	30
No. 304	81
No. 305	45
No. 306	18
Total	229

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

Jobs were shipped and customers were billed as follows: Job 301, $9,690; Job 302, $9,260; Job 303, $17,840.

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 or enter "0".

Entries	Description	Debit	Credit
a.	SelectAccounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessItem 1
	SelectAccounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessItem 3
b.	SelectAccounts PayableCashCost of Goods SoldMaterialsWages PayableWork in ProcessItem 5
	SelectAccounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages PayableItem 8
	SelectAccounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in ProcessItem 11
	SelectAccounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages PayableItem 14
c.	SelectAccounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in ProcessItem 17
	SelectAccounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in ProcessItem 19
d.	SelectAccounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in ProcessItem 21
	SelectAccounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in ProcessItem 23
e.	SelectAccounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessItem 25
	SelectAccounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessItem 27
f.	SelectAccounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessItem 29
	SelectAccounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessItem 31
g.	SelectAccounts ReceivableCashFactory OverheadFinished GoodsSalesWork in ProcessItem 33
	SelectAccounts ReceivableCashFactory OverheadFinished GoodsSalesWork in ProcessItem 35
	SelectAccounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessItem 37
	SelectAccounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessItem 39

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
Select(a)(b)(c)(d)(f)(g)Item 41		Select(a)(b)(c)(d)(e)(f)(g)Item 43
Select(a)(c)(d)(e)(f)(g)Item 45
Bal.

Finished Goods
Select(a)(b)(c)(d)(e)(f)(g)Item 48		Select(a)(b)(c)(d)(e)(f)(g)Item 50
Bal.

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

Staircase Equipment Company Schedule of Unfinished Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
SelectNo. 301No. 302No. 303No. 304No. 305Item 53	$		$		$		$
SelectNo. 302No. 303No. 304No. 305No. 306Item 58
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.

Staircase Equipment Company Schedule of Completed Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
SelectFinished Goods, April 30 (Job 303)Finished Goods, April 30 (Job 305)Finished Goods, April 30 (Job 306)Item 64	$		$		$		$