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Question Content Area Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses job order costing. The following data summarize the operations related

Question Content Area

Entries and Schedules for Unfinished Jobs and Completed Jobs

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

  1. Materials purchased on account, $2,260.
  2. Materials requisitioned and factory labor used:
Job No. Materials Factory Labor
101 $2,490 $2,630
102 3,040 3,550
103 2,020 1,740
104 6,820 6,520
105 4,330 4,970
106 3,160 3,160
For general factory use 850 3,890
  1. Factory overhead costs incurred on account, $4,760.
  2. Depreciation of machinery and equipment, $1,870.
  3. The factory overhead rate is $70 per machine hour. Machine hours used:
Job No. Machine Hours
101 17
102 22
103 21
104 75
105 32
106 25
Total 192
  1. Jobs completed: 101, 102, 103, and 105.
  2. Jobs were shipped and customers were billed as follows: Job 101, $7,570; Job 102, $9,760; Job 105, $15,170.

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. Accounts PayableFactory OverheadFinished GoodsMaterialsWork in ProcessMaterials fill in the blank 2 fill in the blank 3
Accounts PayableFactory OverheadFinished GoodsMaterialsWork in ProcessAccounts Payable fill in the blank 5 fill in the blank 6
b. Accounts PayableCost of Goods SoldMaterialsWages PayableWork in ProcessWork in Process fill in the blank 8 fill in the blank 9
Accounts PayableAccounts ReceivableFactory OverheadMaterialsWages PayableMaterials fill in the blank 11 fill in the blank 12
Accounts PayableAccounts ReceivableFactory OverheadMaterialsWork in ProcessWork in Process fill in the blank 14 fill in the blank 15
Accounts PayableFactory OverheadFinished GoodsWork in ProcessWages PayableWages Payable fill in the blank 17 fill in the blank 18
c. Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in ProcessWork in Process fill in the blank 20 fill in the blank 21
Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in Process fill in the blank 23 fill in the blank 24
d. Accumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Process fill in the blank 26 fill in the blank 27
Accumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Process fill in the blank 29 fill in the blank 30
e. Accounts ReceivableCashFactory OverheadFinished GoodsWork in Process fill in the blank 32 fill in the blank 33
CashFactory OverheadFinished GoodsMaterialsWork in Process fill in the blank 35 fill in the blank 36
f. Accounts ReceivableCashFactory OverheadFinished GoodsWork in Process fill in the blank 38 fill in the blank 39
CashFactory OverheadFinished GoodsMaterialsWork in Process fill in the blank 41 fill in the blank 42
g. Sale Accounts ReceivableCashFinished GoodsSalesWork in Process fill in the blank 44 fill in the blank 45
Accounts ReceivableCashFinished GoodsSalesWork in Process fill in the blank 47 fill in the blank 48
g. Cost Cost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process fill in the blank 50 fill in the blank 51
Cost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process 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.

Transaction Debit amount Transaction Credit amount
(a)(b)(c)(d)(f)(g) fill in the blank 56 (a)(b)(c)(d)(e)(f)(g) fill in the blank 58
(a)(c)(d)(e)(f)(g) fill in the blank 60
Bal. fill in the blank 61

Transaction Debit amount Transaction Credit amount
(a)(b)(c)(d)(e)(f)(g) fill in the blank 63 (a)(b)(c)(d)(e)(f)(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.

Job Direct Materials Direct Labor Factory Overhead Total
No. 101No. 102No. 103No. 104No. 105 $fill in the blank 68 $fill in the blank 69 $fill in the blank 70 $fill in the blank 71
No. 102No. 103No. 104No. 105No. 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.

Job Direct Materials Direct Labor Factory Overhead Total
Finished Goods, April 30 (Job 103)Finished Goods, April 30 (Job 105)Finished Goods, April 30 (Job 106) $fill in the blank 79 $fill in the blank 80 $fill in the blank 81 $fill in the blank 82

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