Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...

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, $2,460.
Materials requisitioned and factory labor used:

Job No. Materials Factory Labor

101 $2,190 $2,990

102 2,670 4,040

103 1,770 1,970

104 6,000 7,420

105 3,810 5,650

106 2,780 3,590

For general factory use 740 4,430
Factory overhead costs incurred on account, $4,180.
Depreciation of machinery and equipment, $2,120.
The factory overhead rate is $55 per machine hour. Machine hours used:

Job No. Machine Hours

101 23

102 36

103 38

104 74

105 31

106 25

Total 227
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $7,730; Job 102, $10,430; Job 105, $16,910.

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.


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
	$		$		$		$

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		Job 101	Job 102	Job 103	Job 104	Job 105	Job 106	Total
	Direct material	2190	2670	1770	6000	3810	2780	19220
	Direct labor	2990	4040	1970	7420	5650	3590	25660
	Overheads	1265	1980	2090	4070	1705	1375	12485
	Total	6445	8690	5830	17490	11165	7745	57365
	Hours	23	36	38	74	31	25

1	Particulars	Debit	Credit
a	Material	2460
	Accounts payable		2460
b	Work in process	19220
	Factory overheads	740
	Material		19960
	Work in process	25660
	Factory overheads	4430
	Factory labor		30090
c	Factory overheads	4180
	Accounts payable		4180
d	Factory overheads	2120
	Accumulated depreciation equipment		2120
e	Work in process	12485
	Factory overheads		12485
f	Finished goods	32130
	Work in process		32130
g sale	Accounts receivable	35070
	Sales revenue		35070
	Cost of goods sold	26300
	Finished goods		26300

2	T accounts

	Work in process	Debit	Credit
	Material	19220	32130	Transfer to finishedgoods
	Labor	25660
	Overheads	12485

	Ending inventory	25235

	Finished goods	Debit	Credit
	Work in process	32130	26300	COGS

	Ending inventory	5830

3	Schedule for unfinished jobs	Direct material	Direct labor	Overheads	Total
	Job 104	6000	7420	4070	17490			ekkarill92 answered 2 years ago Next > < Previous Related Solutions Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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, $3,180. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,610 $2,520 102 3,180 3,400 103 2,110 1,660 104 7,150 6,250 105 4,540 4,760 106 3,310 3,020 For general factory use 890 3,730 Factory overhead costs incurred on account, $4,990.... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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, $2,920. Materials requisitioned and factory labor used: Job No.MaterialsFactory Labor 101$2,850 $2,940 1023,480 3,970 1032,310 1,940 1047,810 7,290 1054,960 5,560 1063,620 3,530 For general factory use970 4,350 Factory overhead costs incurred on account, $5,440. Depreciation of machinery and equipment, $2,090. The factory overhead... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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, $2,270. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,240 $2,750 102 3,950 3,710 103 2,620 1,820 104 8,880 6,820 105 5,640 5,200 106 4,110 3,300 For general factory use 1,100 4,070 c.Factory overhead costs incurred on account, $6,190.... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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, $3,400. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,750 $2,690 102 3,360 3,630 103 2,230 1,780 104 7,540 6,670 105 4,790 5,080 106 3,490 3,230 For general factory use 940 3,980 Factory overhead costs incurred on account, $5,250.... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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: 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 Factory overhead costs incurred on account, $3,880.... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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, $2,490. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,120 $1,810 102 3,810 2,440 103 2,530 1,190 104 8,550 4,490 105 5,430 3,420 106 3,960 2,170 For general factory use 1,060 2,680 Factory overhead costs incurred on account, $5,960.... Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost... 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Materials requisitioned and factory labor used: Job No.MaterialsFactory Labor 101$2,850 $2,940 1023,480 3,970 1032,310 1,940 1047,810 7,290 1054,960 5,560 1063,620 3,530 For general factory use970 4,350 Factory overhead costs incurred on account, $5,440. Depreciation of machinery and equipment, $2,090. The factory overhead... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What... How would you use SAS Enterprise Miner to create a neural network model of your example? Explain the use of neural networking modeling in predictive analytics. Current Market Mix of Netflix, as detail as possible, please. 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Job No.	Materials	Factory Labor
101	$2,190	$2,990
102	2,670	4,040
103	1,770	1,970
104	6,000	7,420
105	3,810	5,650
106	2,780	3,590
For general factory use	740	4,430

Job No.	Machine Hours
101		23
102		36
103		38
104		74
105		31
106		25
Total		227

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Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...

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