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. Material purchased on account $147,000 B. Materials requistitioned and factory labor used: Job # Materials 101 Factory Labor $19,320 102 $19,500 23,100 28,140 103 13,440 104 14,000 38,200 36,500 105 18,050 15,540 106 18,000 1,870 For general factory use 9,000 20,160 C. Factory overhead cost 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 $62,900 102 80,700 105 45,500 H. Prepare entry to close factory overhead account Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process, Finished Goods, and Factory Overhead. 3. State whether factory overhead was over or understated and what the closing of this account will do to gr 4. Prepare schedule to support work. Materials Job No. Labor Sales WIP Fin Goods COGS FOH Rate Hours Total 101 102 103 104 105 106 For Gen Use Total Dr Cr FOH B WIP C Finished