Question

1. 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, $147,000.
   2. Materials requisitioned and factory labor used:
      

      Job No.	Materials		Factory Labor
      101	$19,320		$19,500
      102	23,100		28,140
      103	13,440		14,000
      104	38,200		36,500
      105	18,050		15,540
      106	18,000		18,700
      For general factory use	9,000		20,160

   3. Factory overhead costs incurred on account, $6,000.
   4. Depreciation of machinery and equipment, $4,100.
   5. The factory overhead rate is $40 per machine hour. Machine hours used:
      

      Job No.	Machine Hours
      101	154
      102	160
      103	126
      104	238
      105	160
      106	174
      Total	1,012

   6. Jobs completed: 101, 102, 103, and 105.
   7. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.

   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		19,320	19,500	6160	44,980
job 102		23,100	28,140	6400	57,640
job 103		13,440	14,000	5040	32,480
job 104		38,200	36,500	9520	84,220
job105		18,050	15,540	6400	39,990
job 106		18,000	18,700	6960	43,660
total		130,110	132,380	40480	302,970
Entries	Description				Debit	Credit
a.	Raw materials inventory				147,000
	Accounts payable					147,000
b.	Work in process inventory				262,490
	Factory overhead				4020
	Raw materials inventory					131,100
	Factory payroll					135,410
c.	Factory overhead				6,000
	Accounts payable					6,000
d.	Factory overhead				4,100
	Accumulated depreciation					4,100
e.	Work in process inventory				40,480
	Factory overhead					40,480
f.	Finished goods inventory				175,090
	work in process inventory					175,090
	(job 101,102,103 &105)
g.	Accounts receivable				189100
	sale					189,100
	cost of good sold				142,610
	finished goods inventory					142,610
	(44,980+57640+39,990)
2)	work in process
	b.	262,490	175,090	f.
	e.	40,480
	bal	127,880
	Finished goods
	f.	175,090	142,610	g.
	bal	32,480
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	38,200	36,500	9520	84,220
	job 106	18,000	18,700	6960	43,660
	Balance in work in process ,april 30				127,880
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	13,440	14,000	5,040	32,480