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please show any work/calculations Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The following data summarize
please show any work/calculations
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, $2,960. b. Materials requisitioned and factory labor used: Job No. 101 Materials $1,950 2,380 1,580 Factory Labor $3,010 4,060 1,990 102 103 104 5,340 7,460 105 3,390 5,690 106 2,480 3,610 For general factory use 660 4,450 c. Factory overhead costs incurred on account, $3,720. d. Depreciation of machinery and equipment, $2,140. e. The factory overhead rate is $35 per machine hour. Machine hours used: Job No. Machine Hours 101 18 102 22 103 25 104 66 105 20 106 31 Total 182 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $6,710; Job 102, $8,650; Job 105, $12,890. 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 2,960 Accounts Payable 2,960 b. Work in Process Factory Overhead Materials 17,780 Wages Payable 30,270 3,720 Factory Overhead Accounts Payable d. 2,140 Factory Overhead Accumulated Depreciation-Machinery and Equipment 2,140 e. Work in Process Factory Overhead f. Finished Goods Work in Process 9. Sale Accounts Receivable 28,250 Sales 28,250 g. Cost of Goods Sold Cost 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) (6) Bal. Finished Goods (f) ) (9) () 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 No. 104 $ No. 106 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 Direct Job Direct Labor Factory Overhead Total Materials Finished Goods, April 30 (Job 103)
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