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: a. Materials purchased on account, $2,010. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $3,230 4,360 2,130 $2,920 3,560 2,370 8,000 5,080 3,710 990 8,010 6,100 105 106 3,880 For general factory use 4,780 c. Factory overhead costs incurred on account, $5,580. d. Depreciation of machinery and equipment, $2,290. e. The factory overhead rate is $40 per machine hour. Machine hours used: Job No. Machine Hours 101 102

Answer 1

1. In the bookds of Tybee Indstries Inc.
Transaction / Event	Account Titles	Debit	Credit
		$	$
a.	Materials Inventory	$     2,010.00
	Accounts Payable		$   2,010.00
b.	Work in Process	$   25,640.00
	Factory Overhead	$        990.00
	Materials Inventory		$ 26,630.00
b.	Work in Process	$   27,710.00
	Factory Overhead	$     4,780.00
	Factory Wages Payable		$ 32,490.00
c.	Factory Overhead	$     5,580.00
	Accounts Payable		$   5,580.00
d.	Factory Overhead	$     2,290.00
	Accumulated Depreciation : Equipment		$   2,290.00
e.	Work in Process	$   10,200.00
	Factory Overhead		$ 10,200.00
f.	Finished Goods Inventory	$   35,310.00
	Work in Process		$ 35,310.00
g.	Accounts Receivable	$   37,050.00
	Sales		$ 37,050.00
h.	Cost of Goods Sold	$   29,330.00
	Finished Goods Inventory		$ 29,330.00

2. Work in Process:
Balance, April 1
b.	$       25,640.00	f.	$ 35,310.00
b.	$       27,710.00
e.	$       10,200.00
Balance, April 30	$       28,240.00
Finished Goods Inventory:
Balance, April 1	$                    -	g	$ 29,330.00
f.	$       35,310.00
Balance, April 30	$         5,980.00

3. Schedule of Unfinished Jobs:
	Direct Materials	Direct Labor	Factory Overhead Applied	Total
Job # 104	8,000	3,710	3,320	15,030
Job # 106	8,010	3,880	1,320	13,210
Balance, April 30	16,010	7,590	4,640	28,240

4. Schedule of Completed Jobs on Hand :
Job # 103
Direct Materials	Direct Labor	Factory Overhead	Balance, April 30
2,370	2,130	1,480	5,980