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, $2,490.

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.

Depreciation of machinery and equipment, $1,290.

The factory overhead rate is $75 per machine hour. Machine hours used:

Job No.	Machine Hours
101		33
102		38
103		30
104		82
105		36
106		39
Total		258

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

Jobs were shipped and customers were billed as follows: Job 101, $8,890; Job 102, $10,920; Job 105, $17,310.

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.	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
(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
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 103)	$		$		$		$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		3,120	1,810	2475	7,405
job 102		3,810	2,440	2850	9,100
job 103		2,530	1,190	2250	5,970
job 104		8,550	4,490	6150	19,190
job105		5,430	3,420	2700	11,550
job 106		3,960	2,170	2925	9,055
total		27,400	15,520	19350	62,270
Entries	Description				Debit	Credit
a.	Raw materials inventory				2,490
	Accounts payable					2,490
b.	Work in process inventory				42,920
	Factory overhead				3740
	Raw materials inventory					28,460
	Factory payroll					18,200
c.	Factory overhead				5,960
	Accounts payable					5,960
d.	Factory overhead				1,290
	Accumulated depreciation					1,290
e.	Work in process inventory				19,350
	Factory overhead					19,350
f.	Finished goods inventory				34,025
	work in process inventory					34,025
g.	Accounts receivable				37120
	sale					37,120
	cost of good sold				28,055
	finished goods inventory					142,610
	(44,980+57640+39,990)
2)	work in process
	b.	42,920	34,025	f.
	e.	19,350
	bal	28,245
	Finished goods
	f.	34,025	28,055	g.
	bal	5,970
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	8,550	4,490	6150	19,190
	job 106	3,960	2,170	2925	9,055
	Balance in work in process ,april 30				28,245
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	2,530	1,190	2,250	5,970