Hildreth Company uses a job order cost system. The following data summarize the operations related to production
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Question:
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:
Materials purchased on account, $
Materials requisitioned and factory labor used:
Job No Materials Factory Labor
$ $
For general factory use
Factory overhead costs incurred on account, $
Depreciation of machinery and equipment, $
The factory overhead rate is $ per machine hour. Machine hours used:
Job No Machine Hours
Total
Jobs completed: and
Jobs were shipped and customers were billed as follows: Job $; Job $; Job $
Required:
Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
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.
Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Related Book For
Financial and Managerial Accounting
ISBN: 978-1285078571
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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