Question
ntries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize the operations related to
ntries 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:
- Materials purchased on account, $2,930.
- Materials requisitioned and factory labor used:
Job No. Materials Factory Labor 101 $2,480 $2,380 102 3,030 3,210 103 2,010 1,570 104 6,800 5,900 105 4,320 4,500 106 3,150 2,860 For general factory use 840 3,520 - Factory overhead costs incurred on account, $4,740.
- Depreciation of machinery and equipment, $1,690.
- The factory overhead rate is $70 per machine hour. Machine hours used:
Job No. Machine Hours 101 32 102 28 103 42 104 73 105 34 106 41 Total 250 - Jobs completed: 101, 102, 103, and 105.
- Jobs were shipped and customers were billed as follows: Job 101, $8,520; Job 102, $9,840; Job 105, $18,910.
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 | fill in the blank 2 | fill in the blank 3 |
Accounts Payable | fill in the blank 5 | fill in the blank 6 | |
b. | Work in Process | fill in the blank 8 | fill in the blank 9 |
Factory Overhead | fill in the blank 11 | fill in the blank 12 | |
Materials | fill in the blank 14 | fill in the blank 15 | |
Wages Payable | fill in the blank 17 | fill in the blank 18 | |
c. | Factory Overhead | fill in the blank 20 | fill in the blank 21 |
Accounts Payable | fill in the blank 23 | fill in the blank 24 | |
d. | Factory Overhead | fill in the blank 26 | fill in the blank 27 |
Accumulated Depreciation-Machinery and Equipment | fill in the blank 29 | fill in the blank 30 | |
e. | Work in Process | fill in the blank 32 | fill in the blank 33 |
Factory Overhead | fill in the blank 35 | fill in the blank 36 | |
f. | Finished Goods | fill in the blank 38 | fill in the blank 39 |
Work in Process | fill in the blank 41 | fill in the blank 42 | |
g. Sale | Accounts Receivable | fill in the blank 44 | fill in the blank 45 |
Sales | fill in the blank 47 | fill in the blank 48 | |
g. Cost | Cost of Goods Sold | fill in the blank 50 | fill in the blank 51 |
Finished Goods | fill in the blank 53 | fill in the blank 54 |
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) | fill in the blank 56 | (f) | fill in the blank 58 |
(e) | fill in the blank 60 | ||
Bal. | fill in the blank 61 |
Finished Goods | |||
---|---|---|---|
(f) | fill in the blank 63 | (g) | fill in the blank 65 |
Bal. | fill in the blank 66 |
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 | $ | fill in the blank 68 | $ | fill in the blank 69 | $ | fill in the blank 70 | $ | fill in the blank 71 |
No. 106 | fill in the blank 73 | fill in the blank 74 | fill in the blank 75 | fill in the blank 76 | ||||
Balance of Work in Process, April 30 | $ | fill in the blank 77 |
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) | $ | fill in the blank 79 | $ | fill in the blank 80 | $ | fill in the blank 81 | $ | fill in the blank 82 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started