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I need help doing this problem in Accounting all my answers continue to be wrong Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth
I need help doing this problem in Accounting all my answers continue to be wrong
Entries and Schedules for Unfinished Jobs and Completed Jobs 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, $2,430. b. Materials requisitioned and factory labor used: Job No. 101 102 Materials $3,090 3,770 Factory Labor $2,100 2,840 103 2,500 1,390 104 8,470 5,210 105 5,380 3,970 2,520 3,920 106 For general factory use 1,050 3,110 c. Factory overhead costs incurred on account, $5,900. d. Depreciation of machinery and equipment, $1,490. e. The factory overhead rate is $60 per machine hour. Machine hours used: Job No. Machine Hours 101 31 102 20 10 Job No. Machine Hours 101 31 102 20 103 36 104 79 105 41 106 38 Total 245 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,460; Job 102, $9,370; Job 105, $17,550. 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 d. Materials 2,430 Accounts Payable 2,430 b. Work in Process 36,500 Factory Overhead 4,000 Materials 17.780 Materials 17,780 Wages Payable 22,720 c. Factory Overhead 3,720 Accounts Payable 3,720 d. 1,600 Factory Overhead Accumulated Depreciation-Machinery and Equipment 1,600 11,460 Work in Process Factory Overhead 11,460 Finished Goods 25,650 Work in Process 25,650 g. Sale Accounts Receivable 26,140 Sales 26,140 g. Cost of Goods Sold 21,620 Cost Finished Goods 21,620 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 36,500 (0) 25,650 11,460 Bal. 22,310 Finished Goods (0) 25,650 g) 21,620 4,030 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Bal. Hildreth Company Schedule of Unfinished Jobs Direct Job Direct Labor Factory Overhead Total Materials Bal. 4,030 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 No. 104 5,340 $ 5,600 $ 4,440 $ 15,380 No. 106 2,480 2,710 1,740 6,930 Balance of Work in Process, April 30 22,310 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 Finished Goods, April 30 (Job 103) 1,580 $ 1,490 $ 960 $ 4,030Step by Step Solution
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