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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 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 2,100
For general factory use 950 2,590

Factory overhead costs incurred on account, $5,350.

Depreciation of machinery and equipment, $1,240.

The factory overhead rate is $65 per machine hour. Machine hours used:

Job No. Machine Hours
101 18
102 29
103 15
104 84
105 25
106 42
Total 213

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

Jobs were shipped and customers were billed as follows: Job 101, $6,860; Job 102, $9,200; Job 105, $12,770.

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.
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
$ $ $ $

Solutions

Expert Solution

a Materials 1920
      Accounts Payable 1920
b Work in Process 39610
Factory Overhead 3540
     Materials 25540 =(2800+3420+2270+7670+4870+3560+950)
     Wages Payable 17610 =(1750+2360+1160+4340+3310+2100+2590)
c Factory Overhead 5350
      Accounts Payable 5350
d Factory Overhead 1240
      Accumulated Depreciation-Machinery and Equipment 1240
e Work in Process 13845 =213*65
       Factory Overhead 13845
f Finished Goods 27595 =(2800+3420+2270+4870)+(1750+2360+1160+3310)+(18+29+15+25)*65
       Work in Process 27595
g Accounts Receivable 28830 =6860+9200+12770
     Sales 28830
Cost of Goods Sold 23190 =(2800+3420+4870)+(1750+2360+3310)+(18+29+25)*65
     Finished Goods 23190
2
Work in Process
b 39610 f 27595
e 13845
Bal. 25860
Finished Goods
f 27595 g 23190
Bal. 4405
3
Schedule of Unfinished Jobs
Job Direct Materials Direct Labor Factory Overhead Total
104 7670 4340 5460 17470
106 3560 2100 2730 8390
Balance of Work in Process, April 30 25860
4
Schedule of Completed Jobs
Job Direct Materials Direct Labor Factory Overhead Total
Finished Goods, June 30 (Job 105) 4870 3310 1625 9805

ekkarill92 answered 2 years ago
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