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, $2,880.
Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,930 $3,180 102 2,350 4,290 103 1,560 2,100 104 5,290 7,890 105 3,360 6,010 106 2,450 3,820 For general factory use 660 4,710 Factory overhead costs incurred on account, $3,690. Depreciation of machinery and equipment, $2,260. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 41 102 16 103 23 104 68 105 16 106 41 Total 205 Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $9,820; Job 102, $9,410; Job 105, $15,620.

Answer 1

			101	102	103	104	105	106	Total
Beginning cost			0	0	0	0	0	0	0
Add: Current cost of manufacturing
Material			1930	2350	1560	5290	3360	2450	16940
Labour			3180	4290	2100	7890	6010	3820	27290
factory overheads @ 75 per MH			3075	1200	1725	5100	1200	3075	15375
Total cost of Jobs			8185	7840	5385	18280	10570	9345
			SOLD	SOLD	FINISHED	WIP	SOLD	WIP
Journal entries:
S.no.	Accounts title and explanation					Debit $	Credit $
a.	Raw material Inventory Dr.					2880
	Accounts payable						2880
b.	Work in process inventory Dr.					16940
	Manufacturing OH Dr.					660
	Raw material inventory						17600
c.	Work in process inventory Dr.					27290
	Manufacturing OH Dr.					4710
	Wages payable						32000
d.	Manufacturing OH dr.					5950
	Accounts payable						3690
	Accumulated deprecciation						2260
e.	Work in process Inventory Dr.					15375
	Manufacturing Oh						15375
f.	Finished Goods inventry Dr.					31980
	Work in procecss inventory						31980
g.	Cost of goods sold Dr.					26595
	Finished goods inventory						26595
h.	Accounts receivable Dr.					34850
	Sales revenue						34850
Schedule Showing Unfinished Jobs:
Cost of Job no. 104:			18280
Cost of Job no. 106:			9345
Total Cost of WIP ending balance			27625
Schedule of Completed Jobs:
Cost of Job no. 101			8185
Cost of Job no. 102			7840
Cost of Job no. 103			5385
Cost of Job no. 105			10570
Cost of Goods completed			31980