Question
I have portions A-E, G and portion of number two complete. I am stuck and letter F & G and cant seam to figure out
I have portions A-E, G and portion of number two complete. I am stuck and letter F & G and cant seam to figure out to to find these answers.
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, $2,390.
- Materials requisitioned and factory labor used:
Job No. Materials Factory Labor 101 $2,230 $3,160 102 2,720 4,270 103 1,810 2,090 104 6,110 7,840 105 3,880 5,970 106 2,830 3,790 For general factory use 760 4,680 - Factory overhead costs incurred on account, $4,260.
- Depreciation of machinery and equipment, $2,240.
- The factory overhead rate is $50 per machine hour. Machine hours used:
Job No. Machine Hours 101 17 102 32 103 28 104 75 105 37 106 15 Total 204 - Jobs completed: 101, 102, 103, and 105.
- Jobs were shipped and customers were billed as follows: Job 101, $7,490; Job 102, $10,310; Job 105, $15,370.
Required:
1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
Entries | Description | Debit | Credit |
---|---|---|---|
a. | Materials | ||
Accounts Payable | |||
b. | Work in Process | ||
Factory Overhead | |||
Materials | |||
Wages Payable | |||
c. | Factory Overhead | ||
Accounts Payable | |||
d. | Factory Overhead | ||
Accumulated Depreciation-Machinery and Equipment | |||
e. | Work in Process | ||
Factory Overhead | |||
f. | Finished Goods | ||
Work in Process | |||
g. Sale | Accounts Receivable | ||
Sales | |||
g. Cost | Cost of Goods Sold | ||
Finished Goods |
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 | |||
---|---|---|---|
(b) | (f) | ||
(e) | |||
Bal. |
Finished Goods | |||
---|---|---|---|
(f) | (g) | ||
Bal. |
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Hildreth Company Schedule of Unfinished Jobs | ||||||||
---|---|---|---|---|---|---|---|---|
Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
$ | $ | $ | $ | |||||
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.
Hildreth Company Schedule of Completed Jobs | ||||||||
---|---|---|---|---|---|---|---|---|
Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
$ | $ | $ | $ |
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