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, $147,000.

B. Materials requisitioned and factory labor used:

Job. Materials Factory labor

101 19320 19500

102 23100 28140

103 13440 14000

104 38200 36500

105 18050 15540

106 18000 18700

for general factory use 9000 20160

C. Factory overhead costs incurred on account, $6,000.

D. Depreciation of machinery and equipment, $4,100.

E. The factory overhead rate is $40 per machine hour. Machine hours used:

Job Machine Hours

101 154

102 160

103 126

104 238

105 160

106 174

Total 1012

F. Jobs completed: 101, 102, 103, and 105.

G. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.

Instructions

1. Journalize the entries to record the summarized operations.

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.

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

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