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, $2,700

Materials requisitioned and factory labor used:

Job No.MaterialsFactory Labor

101$2,660 $1,870

1023,250 2520

1032,150 1,230

1047,290 4,640

1054,630 3,530

1063,380 2,240

For general factory use900 2,770

Factory overhead costs incurred on account, $5,080.

Depreciation of machinery and equipment, $1,330.

The factory overhead rate is $70 per machine hour. Machine hours used:

Job No.Machine Hours

101 17

102 39

103 33

104 82

105 27

106 32

Total 230

Jobs completed: 101, 102, 103, and 105.

Jobs were shipped and customers were billed as follows: Job 101, $8,390; Job 102, $12,110; Job 105, $16,500.

Required:

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

EntriesDescriptionDebitCredit

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. SaleAccounts Receivable

Sales

    

g. CostCost 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

(f) (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

JobDirect MaterialsDirect LaborFactory OverheadTotal

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

JobDirect MaterialsDirect LaborFactory OverheadTotal

Finished Goods, April 30 (Job 103) $$$$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		2,660	1,870	1190	5,720
job 102		3,250	2,520	2730	8,500
job 103		2,150	1,230	2310	5,690
job 104		7,290	4,640	5740	17,670
job105		4,630	3,530	1890	10,050
job 106		3,380	2,240	2240	7,860
total		23,360	16,030	16100	55,490
Entries	Description				Debit	Credit
a.	Raw materials inventory				2,700
	Accounts payable					2,700
b.	Work in process inventory				39,390
	Factory overhead				3670
	Raw materials inventory					24,260
	Factory payroll					18,800
c.	Factory overhead				5,080
	Accounts payable					5,080
d.	Factory overhead				1,330
	Accumulated depreciation					1,330
e.	Work in process inventory				16,100
	Factory overhead					16,100
f.	Finished goods inventory				29,960
	work in process inventory					29,960
	(job 101,102,103 &105)
g.	Accounts receivable				37000
	sale					37,000
	cost of good sold				24,270
	finished goods inventory					24,270
	(44,980+57640+39,990)
2)	work in process
	b.	39,390	29,960	f.
	e.	16,100
	bal	25,530
	Finished goods
	f.	29,960	24,270	g.
	bal	5,690
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	7,290	4,640	5740	17,670
	job 106	3,380	2,240	2240	7,860
	Balance in work in process ,april 30				25,530
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	2,150	1,230	2,310	5,690