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 1 year 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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$2,500
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3,310
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1,650
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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
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Materials purchased on account, $1,920.
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Job No.
Materials
Factory Labor
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$2,800
$1,750
102
3,420
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103
2,270
1,160
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7,670
4,340
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4,870
3,310
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Materials purchased
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Materials
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Materials purchased on account, $315,500.
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Materials purchased on account, $770,000.
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Materials requisitioned, $680,000, of which $75,800 was for
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31
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31
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