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, $1,890.

Materials requisitioned and factory labor used:

Job No.	Materials		Factory Labor
101	$2,950		$2,260
102	3,600		3,050
103	2,390		1,490
104	8,080		5,600
105	5,130		4,270
106	3,750		2,710
For general factory use	1,000		3,340

Factory overhead costs incurred on account, $5,630.

Depreciation of machinery and equipment, $1,600.

The factory overhead rate is $55 per machine hour. Machine hours used:

Job No.	Machine Hours
101		34
102		32
103		18
104		72
105		30
106		35
Total		221

Jobs completed: 101, 102, 103, and 105.

Jobs were shipped and customers were billed as follows: Job 101, $8,500; Job 102, $10,090; Job 105, $14,120.

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.	Materials
	Accounts Payable
b.	Work in Process
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		2,950	2,260	1870	7,080
job 102		3,600	3,050	1760	8,410
job 103		2,390	1,490	990	4,870
job 104		8,080	5,600	3960	17,640
job105		5,130	4,270	1650	11,050
job 106		3,750	2,710	1925	8,385
total		25,900	19,380	12155	57,435
Entries	Description				Debit	Credit
a.	Raw materials inventory				1,890
	Accounts payable					1,890
b.	Work in process inventory				45,280
	Factory overhead				4340
	Raw materials inventory					26,900
	Factory payroll					22,720
c.	Factory overhead				5,630
	Accounts payable					5,630
d.	Factory overhead				1,600
	Accumulated depreciation					1,600
e.	Work in process inventory				12,155
	Factory overhead					12,155
f.	Finished goods inventory				31,410
	work in process inventory					31,410
g.	Accounts receivable				32710
	sale					32,710
	cost of good sold				26,540
	finished goods inventory					26,540
	(44,980+57640+39,990)
2)	work in process
	b.	45,280	31,410	f.
	e.	12,155
	bal	26,025
	Finished goods
	f.	31,410	26,540	g.
	bal	4,870
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	8,080	5,600	3960	17,640
	job 106	3,750	2,710	1925	8,385
	Balance in work in process ,april 30				26,025
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	2,390	1,490	990	4,870