Question
In: Accounting
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:
A. Materials purchased on account, $ 147,00
B. Materials requisioned and factory labor used:
Job # Materials Factory Labor
101 $ 19,329 $ 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
C. Factory overhead costs incurred on account, $ 6,000
D. Depreciation of machinery and equipment, $ 4,100
E. The factory overhead rate is $ 40 per machine hour. Machine hours used:
Job # Machine hours
101 154
102 160
103 126
104 238
105 160
106 174
total 1,012
F. Jobs completed 101, 102, 103, and 105
G. Jobs were shipped and customers were billed as follows: job 101, $ 62,900: job 102, $ 80,700: job 105, $ 45,500
Instructions
1. Journalize the entries to record the summarized opeartions
2. Post the appropiate entries to T accounts for Work in Process and Finished Goods. using the identifying letteres as transactions codes. Insert memo account balances as of the end of the month.
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
4. Preapare a schedule of completed jobs on hand to support yhe balance in the finished goods account.
Solutions
Expert Solution
| 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 | 29160 | ||||||
| Raw materials inventory | 139,110 | ||||||
| Factory payroll | 152,540 | ||||||
| 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 | ||||||
| (44,980+57640+32480+39990) | |||||||
| 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 | |||
ekkarill92 answered 11 months agoRelated Solutions
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
Hildreth Company uses a job order cost system. The following
data summarize the operations related to production for April, the
first month of operations. Make the appropriate journal entry(s)
for each number 1-7.
Materials purchased on account, $147,000.
Materials requisitioned and factory labor used:
Job No. Materials
101: $19,320/ 102: 23,100/ 103: 13,440/ 104: 38,200/ 105:
18,050/ 106: 18,000 For general factory use 9,000
Factory Labor
$19,500/ 28,140/ 14,000/ 36,500/ 15,540/ 18,700/ 20,160
Factory overhead costs incurred on account, $6,000....
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
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Materials purchased on account, $3,250.
Materials requisitioned and factory labor used:
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Materials
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$2,710
$2,500
102
3,310
3,380
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1,650
104
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4,720
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Factory overhead costs incurred on account, $5,180.
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The factory overhead...
Hildreth Company uses a job order cost system. The following data summarize the operations related to...
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, $1,920.
Materials requisitioned and factory labor used:
Job No.
Materials
Factory Labor
101
$2,800
$1,750
102
3,420
2,360
103
2,270
1,160
104
7,670
4,340
105
4,870
3,310
106
3,560
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1 Materials purchased on account, $315,500. 2 Materials
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use. 31 Factory labor used, $489,500, of which $34,200 was
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Materials purchased
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2
Materials
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31
Factory labor used,
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31
Other costs
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31
Prepaid expenses
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October
1
Materials purchased on account, $315,500.
2
Materials requisitioned, $290,100, of which $8,150 was for
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31
Factory labor used, $489,500, of which $34,200 was
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Other costs incurred on account for factory overhead, $600,000;
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Factory labor used, $674,390, of which $128,130 was
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Prepaid expenses expired for factory overhead were $30,120; for
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following data summarize the operations related to production for
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1
Materials purchased on account, $770,000.
2
Materials requisitioned, $680,000, of which $75,800 was for
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31
Factory labor used, $756,000, of which $182,000 was
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31
Other costs incurred on account for factory overhead, $245,000;
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Prepaid expenses expired for factory overhead were $24,500; for
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Materials purchased on account, $630,520.
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Materials requisitioned, $669,000, of which $76,690 was for
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Factory labor used, $644,620, of which $91,400 was
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