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THIS IS ALL ONE QUESTION!!!!! Thank you Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. The
THIS IS ALL ONE QUESTION!!!!! Thank you
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, $3,330. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,060 $2,260 102 2,510 3,050 103 1,670 1,490 104 5,640 5,600 105 3,580 4,270 106 2,620 2,710 For general factory use 700 3,340 c. Factory overhead costs incurred on account, $3,930. d. Depreciation of machinery and equipment, $1,600. e. The factory overhead rate is $55 per machine hour. Machine hours used: Job No. Machine Hours 101 42 102 35 103 43 104 69 105 45 106 19 Total 253 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $7,960; Job 102, $8,980; Job 105, $16,020. Entries Description Debit Credit b. II II II e. g. Sale g. Cost 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 Bal. Finished Goods 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 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 Job Direct Materials Direct Labor Factory Overhead Total $ $Step by Step Solution
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