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:

1. Materials purchased on account, $1,890.
2. Materials requisitioned and factory labor used:
   

   Job No.	Materials		Factory Labor
   101	$2,030		$2,240
   102	2,480		3,020
   103	1,640		1,480
   104	5,560		5,560
   105	3,530		4,230
   106	2,580		2,690
   For general factory use	690		3,320

3. Factory overhead costs incurred on account, $3,880.
4. Depreciation of machinery and equipment, $1,590.
5. The factory overhead rate is $45 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		22
   102		34
   103		15
   104		67
   105		38
   106		37
   Total		213

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $6,310; Job 102, $8,440; Job 105, $11,010.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

Entries	Description	Debit	Credit
a.	Materials
	Accounts Payable
b.	Work in Process
	Factory Overhead
	Materials
	Wages Payable
c.	Factory Overhead
	Accounts Payable
d.	Factory Overhead
	Accumulated Depreciation-Machinery and Equipment
e.	Work in Process
	Factory Overhead
f.	Finished Goods
	Work in Process
g. Sale	Accounts Receivable
	Sales
g. Cost	Cost of Goods Sold
	Finished Goods

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.

Work in Process
(b)		(f)
(e)
Bal.

Finished Goods
(e)		(g)
Bal.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Hildreth Company Schedule of Unfinished Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
No. 104	$		$		$		$
No. 106
Balance of Work in Process, April 30							$

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Hildreth Company Schedule of Completed Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
Finished Goods, April 30 (Job 105)	$		$		$		$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		2,030	2,240	990	5,260
job 102		2,480	3,020	1530	7,030
job 103		1,640	1,480	675	3,795
job 104		5,560	5,560	3015	14,135
job105		3,530	4,230	1710	9,470
job 106		2,580	2,690	1665	6,935
total		17,820	19,220	9585	46,625
Entries	Description				Debit	Credit
a.	Raw materials inventory				1,890
	Accounts payable					1,890
b.	Work in process inventory				37,040
	Factory overhead				4010
	Raw materials inventory					18,510
	Factory payroll					22,540
c.	Factory overhead				3,380
	Accounts payable					3,380
d.	Factory overhead				1,590
	Accumulated depreciation					1,590
e.	Work in process inventory				9,585
	Factory overhead					9,585
f.	Finished goods inventory				25,555
	work in process inventory					25,555
	(job 101,102,103 &105)
g.	Accounts receivable				25760
	sale					25,760
	cost of good sold				21,760
	finished goods inventory					21,760
2)	work in process
	b.	37,040	25,555	f.
	e.	9,585
	bal	21,070
	Finished goods
	f.	25,555	21,760	g.
	bal	3,795
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	5,560	5,560	3015	14,135
	job 106	2,580	2,690	1665	6,935
	Balance in work in process ,april 30				21,070
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,640	1,480	675	3,795