Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company us
ID: 2464725 • 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 2014, the first month of operations a. Materials purchased on account, $147,000 b. Materials requisitioned and factory labor used Factory Labor Job No. 101 102 103 104 105 106 For general factory use Materials $19,320 23,100 13,440 38,200 18,050 18,000 9,000 $19,500 28,140 14,000 36,500 15,540 18,700 20,160 C. Factory overhead costs incurred on account, $6,000 d. Depreciation of machinery and equipment, $4,100 e. The factory overhead rate is $40 per machine hour. Machine hours used: Job 101 102 103 104 105 106 Total Machine Hours 154 160 126 238 160 174 1,012 f. Jobs completed: 101, 102, 103, and 105 g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500Explanation / Answer
No.
Description
Debit
Credit
(a)
Raw materials inventory
$147,000
To accounts payable
$147,000
(b)
WIP inventory
262,490
Manufacturing overhead
29,160
To Raw material inventory
139,110
To Factory wages payable
152,540
c)
Manufacturing overhead
$6,000
To Cash
$6,000
d)
Manufacturing overhead
$4,100
To Accumulated depreciation
$4,100
e)
WIP inventory
$40,480
To Manufacturing overhead
(1,012 *40)
$40,480
f)
Finished goods inventory
175,090
To WIP inventory
$175,090
g)
Account receivable
189,100
To Sales
189,100
Cost of goods sold
$142,610
To Finished goods inventory
$142,610
(2) WIP
302,970
Finished goods
175,090
Balance
127,880
Finished goods
WIP
175,090
COGS
142,610
Balance
32,480
(3)
job
Direct materials
Direct labor
Factory overhead
total
104
38,200
36,500
9,520
84,220
106
18,000
18,000
6,960
43,660
Balance in WIP
127,880
(4) Schedule of completed jobs
Job
Direct materials
Direct labor
Factory overhead
Total
103
13,440
14,000
5,040
32,480
No.
Description
Debit
Credit
(a)
Raw materials inventory
$147,000
To accounts payable
$147,000
(b)
WIP inventory
262,490
Manufacturing overhead
29,160
To Raw material inventory
139,110
To Factory wages payable
152,540
c)
Manufacturing overhead
$6,000
To Cash
$6,000
d)
Manufacturing overhead
$4,100
To Accumulated depreciation
$4,100
e)
WIP inventory
$40,480
To Manufacturing overhead
(1,012 *40)
$40,480
f)
Finished goods inventory
175,090
To WIP inventory
$175,090
g)
Account receivable
189,100
To Sales
189,100
Cost of goods sold
$142,610
To Finished goods inventory
$142,610
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