.Schedules for unfinished jobs and completed jobs

Waddell Equipment Company uses a job order cost system. The following data summarize the opeeration related to production for April 20Y4, the first month of operations:

a. Materials purchased on account $36,000.

b. Materials requisitioned and factory labor used:

.Job .Materials Factory Labor

No.401 5,500 6,650

No. 402 4,000 4,775

No.403 2,400 1,875

No.404 7,100 8,500

No.405 3,200 4,000

No.406 1,850 2,200

For general factory use 3,150 1,500

C. Factory overhead costs incurred on account $6,000

D. Depreciation of machinery and equipment, $1,550

E. The factory overhead rate is $40 per machine hour. Machine hours used:

.Job .Machine Hours

No.401 38

No.402 30

No.403 18

No.404 56

No.405 24

No.406 14

Total 180

f. Jobs completed: 401,402,403, and 405

g. Jobs were shipped and customers were billed as follows: Job 401 $22,750, Job 402 $16,600, Job 403 $8,400

.Instructions

1. Prepare a schedule summarizing manufacturing costs by job for April. Use the following form:

Job Direct Materials Direct Labor Factory Overhead Total

2. Prepare a schedule of jobs finished in April.

3. Prepare a schedule of jobs sold in April. What account does this shedule support for the month of April?

4. Prepare a schedule of completed jobs on hand as of April 30, 20Y4. What account does this schedule support?

5. Prepare a schedule of unfinished jobs as of April 30,20Y4. What account does this schedule support?

6. Determine the gross profit for April based upon the jobs sold. Ignore the difference between actual and applied factory overhead.