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, $2,730.
   2. Materials requisitioned and factory labor used:
      

      Job No.	Materials		Factory Labor
      101	$2,250		$3,100
      102	2,750		4,190
      103	1,820		2,050
      104	6,170		7,690
      105	3,920		5,860
      106	2,860		3,720
      For general factory use	770		4,590

   3. Factory overhead costs incurred on account, $4,300.
   4. Depreciation of machinery and equipment, $2,200.
   5. The factory overhead rate is $75 per machine hour. Machine hours used:
      

      Job No.	Machine Hours
      101		40
      102		19
      103		25
      104		65
      105		23
      106		27
      Total		199

   6. Jobs completed: 101, 102, 103, and 105.
   7. Jobs were shipped and customers were billed as follows: Job 101, $10,020; Job 102, $10,040; Job 105, $16,660.

   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.
   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		2,250	3,100	3000	8,350
job 102		2,750	4,190	1425	8,365
job 103		1,820	2,050	1875	5,745
job 104		6,170	7,690	4875	18,735
job105		3,920	5,860	1725	11,505
job 106		2,860	3,720	2025	8,605
total		19,770	26,610	14925	61,305
Entries	Description				Debit	Credit
a.	Raw materials inventory				2,730
	Accounts payable					2,730
b.	Work in process inventory				46,380
	Factory overhead				5360
	Raw materials inventory					20,540
	Factory payroll					31,200
c.	Factory overhead				4,300
	Accounts payable					4,300
d.	Factory overhead				2,200
	Accumulated depreciation					2,200
e.	Work in process inventory				14,925
	Factory overhead					14,925
f.	Finished goods inventory				33,965
	work in process inventory					33,965
	(job 101,102,103 &105)
g.	Accounts receivable				36720
	sale					36,720
	cost of good sold				28,220
	finished goods inventory					28,220
	(44,980+57640+39,990)
2)	work in process
	b.	46,380	33,965	f.
	e.	14,925
	bal	27,340
	Finished goods
	f.	33,965	28,220	g.
	bal	5,745
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	6,170	7,690	4875	18,735
	job 106	2,860	3,720	2025	8,605
	Balance in work in process ,april 30				27,340
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,820	2,050	1,875	5,745