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Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a A type of...

  1. Entries and Schedules for Unfinished Jobs and Completed Jobs

    Hildreth Company uses a A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory.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. The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom.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
    • Cash
    • Factory Overhead
    • Finished Goods
    • Materials
    • Work in Process
    Accounts Payable
    • Accounts Payable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Materials
    • Work in Process
    b. Work in Process
    • Accounts Payable
    • Cash
    • Cost of Goods Sold
    • Materials
    • Wages Payable
    • Work in Process
    Factory Overhead
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Materials
    • Wages Payable
    Materials
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Materials
    • Work in Process
    Wages Payable
    • Accounts Payable
    • Cost of Goods Sold
    • Factory Overhead
    • Finished Goods
    • Work in Process
    • Wages Payable
    c. Factory Overhead
    • Accounts Payable
    • Cash
    • Cost of Goods Sold
    • Factory Overhead
    • Materials
    • Work in Process
    Accounts Payable
    • Accounts Payable
    • Cash
    • Cost of Goods Sold
    • Factory Overhead
    • Materials
    • Work in Process
    d. Factory Overhead
    • Accounts Payable
    • Accumulated Depreciation-Machinery and Equipment
    • Cash
    • Cost of Goods Sold
    • Factory Overhead
    • Work in Process
    Accumulated Depreciation-Machinery and Equipment
    • Accounts Payable
    • Accumulated Depreciation-Machinery and Equipment
    • Cash
    • Factory Overhead
    • Finished Goods
    • Work in Process
    e. Work in Process
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Work in Process
    Factory Overhead
    • Accounts Payable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Materials
    • Work in Process
    f. Finished Goods
    • Accounts Payable
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Work in Process
    Work in Process
    • Accounts Payable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Materials
    • Work in Process
    g. Sale Accounts Receivable
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Sales
    • Work in Process
    Sales
    • Accounts Receivable
    • Cash
    • Factory Overhead
    • Finished Goods
    • Sales
    • Work in Process
    g. Cost Cost of Goods Sold
    • Accounts Receivable
    • Cost of Goods Sold
    • Factory Overhead
    • Finished Goods
    • Sales
    • Work in Process
    Finished Goods
    • Accounts Receivable
    • Cost of Goods Sold
    • Factory Overhead
    • Finished Goods
    • Sales
    • Work in Process

    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)
    • (a)
    • (b)
    • (c)
    • (d)
    • (f)
    • (g)
    (f)
    • (a)
    • (b)
    • (c)
    • (d)
    • (e)
    • (f)
    • (g)
    (e)
    • (a)
    • (c)
    • (d)
    • (e)
    • (f)
    • (g)
    Bal.
    Finished Goods
    (f)
    • (a)
    • (b)
    • (c)
    • (d)
    • (e)
    • (f)
    • (g)
    (g)
    • (a)
    • (b)
    • (c)
    • (d)
    • (e)
    • (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. 101
    • No. 102
    • No. 103
    • No. 104
    • No. 105
    $ $ $ $
    No. 106
    • No. 101
    • No. 102
    • No. 103
    • No. 105
    • 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)
    • Finished Goods, April 30 (Job 103)
    • Finished Goods, April 30 (Job 105)
    • Finished Goods, April 30 (Job 106)
    $ $ $ $

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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
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
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