Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company us
ID: 2532705 • 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, $1,890.
Materials requisitioned and factory labor used:
Factory overhead costs incurred on account, $5,630.
Depreciation of machinery and equipment, $1,600.
The factory overhead rate is $55 per machine hour. Machine hours used:
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $8,500; Job 102, $10,090; Job 105, $14,120.
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 $2,950 $2,260 102 3,600 3,050 103 2,390 1,490 104 8,080 5,600 105 5,130 4,270 106 3,750 2,710 For general factory use 1,000 3,340Explanation / Answer
job sheet Materials labor overhead total job 101 2,950 2,260 1870 7,080 job 102 3,600 3,050 1760 8,410 job 103 2,390 1,490 990 4,870 job 104 8,080 5,600 3960 17,640 job105 5,130 4,270 1650 11,050 job 106 3,750 2,710 1925 8,385 total 25,900 19,380 12155 57,435 Entries Description Debit Credit a. Raw materials inventory 1,890 Accounts payable 1,890 b. Work in process inventory 45,280 Factory overhead 4340 Raw materials inventory 26,900 Factory payroll 22,720 c. Factory overhead 5,630 Accounts payable 5,630 d. Factory overhead 1,600 Accumulated depreciation 1,600 e. Work in process inventory 12,155 Factory overhead 12,155 f. Finished goods inventory 31,410 work in process inventory 31,410 g. Accounts receivable 32710 sale 32,710 cost of good sold 26,540 finished goods inventory 26,540 (44,980+57640+39,990) 2) work in process b. 45,280 31,410 f. e. 12,155 bal 26,025 Finished goods f. 31,410 26,540 g. bal 4,870 3) Schedule of unfinished jobs job Direct direct FOH total materials labor job 104 8,080 5,600 3960 17,640 job 106 3,750 2,710 1925 8,385 Balance in work in process ,april 30 26,025 4) Schedule of completed jobs job Direct direct FOH total materials labor job 103 2,390 1,490 990 4,870
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