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:

1. Materials purchased on account, $3,350.
2. Materials requisitioned and factory labor used:
   

   Job No.	Materials		Factory Labor
   101	$2,610		$2,330
   102	3,180		3,150
   103	2,110		1,540
   104	7,150		5,780
   105	4,540		4,400
   106	3,310		2,800
   For general factory use	890		3,450

3. Factory overhead costs incurred on account, $4,990.
4. Depreciation of machinery and equipment, $1,650.
5. The factory overhead rate is $60 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		33
   102		21
   103		26
   104		80
   105		15
   106		16
   Total		191

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $8,300; Job 102, $9,110; Job 105, $15,110.

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
	Factory Overhead
	Materials
	Wages Payable
c.	Factory Overhead
	Accounts Payable
d.	Factory Overhead
	Accumulated Depreciation-Machinery and Equipment
e.	Work in Process
	Factory Overhead
f.	Finished Goods
	Work in Process
g. Sale	Accounts Receivable
	Sales
g. Cost	Cost of Goods Sold
	Finished Goods

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
(b)		(f)
(e)
Bal.

Finished Goods
(f)		(g)
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
No. 104	$		$		$		$
No. 106
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
Finished Goods, April 30 (Job 103)	$		$		$		$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		2,610	2,330	1980	6,920
job 102		3,180	3,150	1260	7,590
job 103		2,110	1,540	1560	5,210
job 104		7,150	5,780	4800	17,730
job105		4,540	4,400	900	9,840
job 106		3,310	2,800	960	7,070
total		22,900	20,000	11460	54,360
Entries	Description				Debit	Credit
a.	Raw materials inventory				3,350
	Accounts payable					3,350
b.	Work in process inventory				42,900
	Factory overhead				4340
	Raw materials inventory					23,790
	Factory payroll					23,450
c.	Factory overhead				4,990
	Accounts payable					4,990
d.	Factory overhead				1,650
	Accumulated depreciation					1,650
e.	Work in process inventory				11,460
	Factory overhead					11,460
f.	Finished goods inventory				29,560
	work in process inventory					29,560
	(job 101,102,103 &105)
g.	Accounts receivable				32520
	sale					32,520
	cost of good sold				24,350
	finished goods inventory					24,350
2)	work in process
	b.	42,900	29,560	f.
	e.	11,460
	bal	24,800
	Finished goods
	f.	29,560	24,350	g.
	bal	5,210
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	7,150	5,780	4800	17,730
	job 106	3,310	2,800	960	7,070
	Balance in work in process ,april 30				24,800
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	2,110	1,540	1,560	5,210