Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company us
ID: 2533562 • 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, $2,880.
Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,930 $3,180 102 2,350 4,290 103 1,560 2,100 104 5,290 7,890 105 3,360 6,010 106 2,450 3,820 For general factory use 660 4,710 Factory overhead costs incurred on account, $3,690. Depreciation of machinery and equipment, $2,260. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 41 102 16 103 23 104 68 105 16 106 41 Total 205 Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $9,820; Job 102, $9,410; Job 105, $15,620.
Explanation / Answer
101 102 103 104 105 106 Total Beginning cost 0 0 0 0 0 0 0 Add: Current cost of manufacturing Material 1930 2350 1560 5290 3360 2450 16940 Labour 3180 4290 2100 7890 6010 3820 27290 factory overheads @ 75 per MH 3075 1200 1725 5100 1200 3075 15375 Total cost of Jobs 8185 7840 5385 18280 10570 9345 SOLD SOLD FINISHED WIP SOLD WIP Journal entries: S.no. Accounts title and explanation Debit $ Credit $ a. Raw material Inventory Dr. 2880 Accounts payable 2880 b. Work in process inventory Dr. 16940 Manufacturing OH Dr. 660 Raw material inventory 17600 c. Work in process inventory Dr. 27290 Manufacturing OH Dr. 4710 Wages payable 32000 d. Manufacturing OH dr. 5950 Accounts payable 3690 Accumulated deprecciation 2260 e. Work in process Inventory Dr. 15375 Manufacturing Oh 15375 f. Finished Goods inventry Dr. 31980 Work in procecss inventory 31980 g. Cost of goods sold Dr. 26595 Finished goods inventory 26595 h. Accounts receivable Dr. 34850 Sales revenue 34850 Schedule Showing Unfinished Jobs: Cost of Job no. 104: 18280 Cost of Job no. 106: 9345 Total Cost of WIP ending balance 27625 Schedule of Completed Jobs: Cost of Job no. 101 8185 Cost of Job no. 102 7840 Cost of Job no. 103 5385 Cost of Job no. 105 10570 Cost of Goods completed 31980
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