Test #1 (Chapters 15,16,17, and 18) eBook Calculator Entries and Schedules for U
ID: 2341927 • Letter: T
Question
Test #1 (Chapters 15,16,17, and 18) eBook Calculator Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost system. a. Materials purchased on account, $2,590 b. Materials requisitioned and factory labor used The following data summarize the operations related to production for April, the first month of operations: Job No. 101 102 103 104 105 106 For general factory use Materials Factory Labor $3,050 3,720 2,470 8,360 5,310 3,870 1,040 $3,220 4,350 2,130 3,860 4,770 c. Factory overhead costs incurred on account, $5,830. d. Depreciation of machinery and equipment, $2,290. e. The factory overhead rate is $65 per machine hour. Machine hours used Job No 101 102 103 104 105 Machine Hours 17 37 37 43Explanation / Answer
Hildreth company
Individual Job sheet
Job
Job 101
Job 102
Job 103
Job 104
Job 105
Job 106
Total
Machine hours
17
37
37
74
43
42
250
During period
Direct material
3050
3720
2470
8360
5310
3870
26780
Direct labor
3220
4350
2130
7990
6090
3860
27640
Applied overhead (Machine hours* 65)
1105
2405
2405
4810
2795
2730
16250
Total cost added during period
7375
10475
7005
21160
14195
10460
70670
Total cost
7375
10475
7005
21160
14195
10460
70670
Status
Finished goods (sold)
Finished goods (sold)
Finished goods (unsold)
In progress
Finished goods (sold)
In progress
Cost included in
Cost of goods sold
Cost of goods sold
Finished goods inventory
Work in progress inventory
Cost of goods sold
Work in progress inventory
Hildreth company
Journal entries
Date
Account title
Debit
Credit
A
Raw material inventory
2590
Account payable
2590
(To record Purchase of raw material inventory
B 1
Work in progress inventory
26780
Raw material inventory
26780
(To record Issue of raw material inventory into production process.)
B 2
Manufacture overhead
1040
Raw material inventory
1040
(To record Issue of indirect raw material inventory for Manufacturing.)
B 3
Work in progress inventory
27640
Cash
27640
(To record direct labor Consumed.)
B 4
Manufacture overhead
4770
Cash
4770
(To record indirect labor Consumed.)
E
Work in progress inventory
16250
Manufacture overhead
16250
(To record Manufacture overhead Applied to Job.)
C
Manufacture overhead
5830
Cash
5830
(To record Manufacture Overhead paid.)
D
Manufacture overhead
2290
Accumulated depreciation -equipment
2290
(To Depreciation on factory equipment.)
G
Finished goods inventory (7375+10475+7005+14195)
39050
Work in progress inventory
39050
(To record completion of Finished goods inventory.)
G 1
Cost of goods sold (7375+10475+14195)
32045
Finished goods inventory
32045
(To record cost of goods sold.)
G 2
Account payable (8850+12570+20310)
41730
Sales Revenue
41730
(To record sales revenue.)
Work In progress account
Direct material
26780
Finished goods
39050
Direct labour
27640
Manufacture overhead
16250
Ending balance (21160+10460)
31620
70670
70670
Finished goods account
Work In progress account
39050
Cost of goods sold
32045
Ending balance (Job 103)
7005
39050
39050
Unfinished goods
Job 104
Job 106
Total
Direct material
8360
3870
12230
Direct labor
7990
3860
11850
Applied overhead
4810
2730
7540
Ending balance of WIP
21160
10460
31620
Hildreth company
Individual Job sheet
Job
Job 101
Job 102
Job 103
Job 104
Job 105
Job 106
Total
Machine hours
17
37
37
74
43
42
250
During period
Direct material
3050
3720
2470
8360
5310
3870
26780
Direct labor
3220
4350
2130
7990
6090
3860
27640
Applied overhead (Machine hours* 65)
1105
2405
2405
4810
2795
2730
16250
Total cost added during period
7375
10475
7005
21160
14195
10460
70670
Total cost
7375
10475
7005
21160
14195
10460
70670
Status
Finished goods (sold)
Finished goods (sold)
Finished goods (unsold)
In progress
Finished goods (sold)
In progress
Cost included in
Cost of goods sold
Cost of goods sold
Finished goods inventory
Work in progress inventory
Cost of goods sold
Work in progress inventory
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