Question

chap 16 -
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, $3,190.
2. Materials requisitioned and factory labor used:

   Job No.	Materials		Factory Labor
   101	$3,150		$3,050
   102	3,840		4,120
   103	2,550		2,010
   104	8,630		7,560
   105	5,480		5,760
   106	4,000		3,660
   For general factory use	1,070		4,510

3. Factory overhead costs incurred on account, $6,020.
4. Depreciation of machinery and equipment, $2,170.
5. The factory overhead rate is $55 per machine hour. Machine hours used:

   Job No.	Machine Hours
   101		16
   102		27
   103		15
   104		78
   105		27
   106		17
   Total		180

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $8,500; Job 102, $11,330; Job 105, $15,620.

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		3,150	3,050	880	7,080
job 102		3,840	4,120	1485	9,445
job 103		2,550	2,010	825	5,385
job 104		8,630	7,560	4290	20,480
job105		5,480	5,760	1485	12,725
job 106		4,000	3,660	935	8,595
total		27,650	26,160	9900	63,710
Entries	Description				Debit	Credit
a.	Raw materials inventory				3,190
	Accounts payable					3,190
b.	Work in process inventory				53,810
	Factory overhead				5580
	Raw materials inventory					28,720
	Factory payroll					30,670
c.	Factory overhead				6,020
	Accounts payable					6,020
d.	Factory overhead				2,170
	Accumulated depreciation					2,170
e.	Work in process inventory				9,900
	Factory overhead					9,900
f.	Finished goods inventory				34,635
	work in process inventory					34,635
	(job 101,102,103 &105)
g.	Accounts receivable				35450
	sale					35,450
	cost of good sold				29,250
	finished goods inventory					29,250
	(44,980+57640+39,990)
2)	work in process
	b.	53,810	34,635	f.
	e.	9,900
	bal	29,075
	Finished goods
	f.	34,635	29,250	g.
	bal	5,385
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	8,630	7,560	4290	20,480
	job 106	4,000	3,660	935	8,595
	Balance in work in process ,april 30				29,075
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	2,550	2,010	825	5,385