Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company us
ID: 2439028 • Letter: E
Question
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:
Materials purchased on account, $2,490.
Materials requisitioned and factory labor used:
Factory overhead costs incurred on account, $5,960.
Depreciation of machinery and equipment, $1,290.
The factory overhead rate is $75 per machine hour. Machine hours used:
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $8,890; Job 102, $10,920; Job 105, $17,310.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.
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.
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Job No. Materials Factory Labor 101 $3,120 $1,810 102 3,810 2,440 103 2,530 1,190 104 8,550 4,490 105 5,430 3,420 106 3,960 2,170 For general factory use 1,060 2,680Explanation / Answer
job sheet Materials labor overhead total job 101 3,120 1,810 2475 7,405 job 102 3,810 2,440 2850 9,100 job 103 2,530 1,190 2250 5,970 job 104 8,550 4,490 6150 19,190 job105 5,430 3,420 2700 11,550 job 106 3,960 2,170 2925 9,055 total 27,400 15,520 19350 62,270 Entries Description Debit Credit a. Raw materials inventory 2,490 Accounts payable 2,490 b. Work in process inventory 42,920 Factory overhead 3740 Raw materials inventory 28,460 Factory payroll 18,200 c. Factory overhead 5,960 Accounts payable 5,960 d. Factory overhead 1,290 Accumulated depreciation 1,290 e. Work in process inventory 19,350 Factory overhead 19,350 f. Finished goods inventory 34,025 work in process inventory 34,025 g. Accounts receivable 37120 sale 37,120 cost of good sold 28,055 finished goods inventory 142,610 (44,980+57640+39,990) 2) work in process b. 42,920 34,025 f. e. 19,350 bal 28,245 Finished goods f. 34,025 28,055 g. bal 5,970 3) Schedule of unfinished jobs job Direct direct FOH total materials labor job 104 8,550 4,490 6150 19,190 job 106 3,960 2,170 2925 9,055 Balance in work in process ,april 30 28,245 4) Schedule of completed jobs job Direct direct FOH total materials labor job 103 2,530 1,190 2,250 5,970
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