Question

Work in Process Hildreth balance, $127.880 relatedtompan for April, the first month of purchased i requisitioned and factory labor used B. Materials ith the Kitchen Nivs $19,320 13,440 38,200 1B,050 18,000 28,140 4,000 36,500 15.540 104 106 For general factory use 9,000 20,160 per 250 kmi chat C. Factory overhead costs incurred on account, $6,000. rect labor E. The factory overhead rate is $40 per machine hour. Machine hours used: is as follows: 238 Total F. Jobs completed: 101, 102, 103, and 105. G. Jobs were shipped and customers were billed as follows: Job 101, 562,900; Job 102, 580,700; Job 105. $45,500. Instructions 1. Journalize the entries to record the summarized operations. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using porting the identifying letters as transaction codes. Insert memo account balances as of the end of 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods the month.

Answer 1

1. In the books of Hildreth Company:

Transaction / Event	General Journal	Debit	Credit
		$	$
A.	Materials Inventory	147,000
	Accounts Payable		147,000
B. 1	Work in Process Inventory	130,110
	Factory Overhead	9,000
	Materials Inventory		139,110
B. 2	Work in Process Inventory	132,380
	Factory Overhead	20,160
	Factory Labor		152,540
C.	Factory Overhead	6,000
	Accounts Payable		6,000
D.	Factory Overhead	4,100
	Accumulated Depreciation : Equipment		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
G.	Accounts Receivable	189,100
	Sales		189,100
G.	Cost of Goods Sold	142,610
	Finished Goods Inventory		142,610

2. Work in Process Inventory:

B.1	$ 130,110	F	$ 175,090
B.2	132,380
E	40,480
Ending Balance	$ 127,880

Finished Goods:

F	$ 175,090	G	142,610
Ending balance	$ 32,480

3.Schedule of Unfinished Jobs:

	Job 104	Job 106	Total
Materials	$ 38,200	$ 18,000	$ 56,200
Factory Labor	36,500	18,700	55,200
Factory Overhead Applied	9,520	6,960	16,480
Total Cost of WIP	$ 84,220	$ 43,660	$ 127,880

4. Schedule of Completed Jobs:

	Job 103
Materials	$ 13,440
Factory Labor	14,000
Factory Overhead Applied	5,040
Total Cost	$ 32,480