Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April 2016, the first month of operations:

	a. Materials purchased on account, $147,000.
	b. Materials requisitioned and factory labor used:

Job No.	Materials	Factory Labor
101	$19,320	$19,500
102	23,100	28,140
103	13,440	14,000
104	38,200	36,500
105	18,050	15,540
106	18,000	18,700
For general factory use	9,000	20,160

	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	1,012

	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.

Required:

A.

Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on April 30. Record item g as 2 entries on April 30. Refer to the Chart of Accounts for exact wording of account titles.

B.

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.

C.

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

D.

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

* Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Chart of Accounts

CHART OF ACCOUNTS

Hildreth Company

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Machinery and Equipment
192	Accumulated Depreciation-Machinery and Equipment

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
562	Depreciation Expense-Machinery and Equipment
590	Miscellaneous Expense
710	Interest Expense

Amount Descriptions

Amount Descriptions
Job No. 101
Job No. 102
Job No. 103
Job No. 104
Job No. 105
Job No. 106

Journal

A. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on April 30. Record item g as 2 entries on April 30. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

T Accounts

B. 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
Bal.

Finished Goods
Bal.

Schedule of Unfinished Jobs

C. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Tybee Industries Inc.

Schedule of Unfinished Jobs

1	Job	Direct Materials	Direct Labor	Factory Overhead	Total
2
3
4	Balance of Work in Process, April 30

Schedule of Completed Jobs

D. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Tybee Industries Inc.

Schedule of Completed Jobs

1	Job	Direct Materials	Direct Labor	Factory Overhead	Total
2