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, $3,050.
2. Materials requisitioned and factory labor used:
   

   Job No.	Materials		Factory Labor
   101	$1,990		$3,140
   102	2,430		4,240
   103	1,610		2,070
   104	5,450		7,790
   105	3,460		5,930
   106	2,530		3,770
   For general factory use	680		4,650

3. Factory overhead costs incurred on account, $3,800.
4. Depreciation of machinery and equipment, $2,230.
5. The factory overhead rate is $55 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		37
   102		33
   103		32
   104		65
   105		19
   106		33
   Total		219

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $8,600; Job 102, $10,180; Job 105, $15,780.

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.

Entries	Description	Debit	Credit
a.
b.
c.
d.
e.
f.
g. Sale
g. Cost

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
Bal.

Finished Goods
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
	$		$		$		$
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
	$		$		$		$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		1,990	3,140	2035	7,165
job 102		2,430	4,240	1815	8,485
job 103		1,610	2,070	1760	5,440
job 104		5,450	7,790	3575	16,815
job105		3,460	5,930	1045	10,435
job 106		2,530	3,770	1815	8,115
total		17,470	26,940	12045	56,455
Entries	Description				Debit	Credit
a.	Raw materials inventory				3,050
	Accounts payable					3,050
b.	Work in process inventory				44,410
	Factory overhead				4020
	Raw materials inventory					18,460
	Factory payroll					29,970
c.	Factory overhead				3,800
	Accounts payable					3,800
d.	Factory overhead				2,230
	Accumulated depreciation					2,230
e.	Work in process inventory				12,045
	Factory overhead					12,045
f.	Finished goods inventory				31,525
	work in process inventory					31,525
	(job 101,102,103 &105)
g.	Accounts receivable				34560
	sale					34,560
	cost of good sold				26,085
	finished goods inventory					26,085
2)	work in process
	b.	44,410	31,525	f.
	e.	12,045
	bal	24,930
	Finished goods
	f.	31,525	26,085	g.
	bal	5,440
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	5,450	7,790	3575	16,815
	job 106	2,530	3,770	1815	8,115
	Balance in work in process ,april 30				24,930
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,610	2,070	1,760	5,440