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:
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 |
Job No. | Machine Hours | ||
101 | 16 | ||
102 | 27 | ||
103 | 15 | ||
104 | 78 | ||
105 | 27 | ||
106 | 17 | ||
Total | 180 |
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)
|
$ | $ | $ | $ |
Feedback
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 |
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a A type of...
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: Materials purchased on account, $3,190. 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 Factory overhead costs incurred...
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: Materials purchased on account, $2,110. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,440 $2,460 102 2,980 3,320 103 1,980 1,620 104 6,690 6,100 105 4,250 4,650 106 3,100 2,950 For general factory use 830 3,640 Factory overhead costs incurred on account, $4,660....
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: Materials purchased on account, $3,350. 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 Factory overhead costs incurred on account, $4,990....
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: Materials purchased on account, $2,820. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,600 $2,090 102 3,170 2,820 103 2,110 1,380 104 7,120 5,180 105 4,520 3,950 106 3,300 2,510 For general factory use 880 3,090 Factory overhead costs incurred on account, $4,970....
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: Materials purchased on account, $2,820. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,600 $2,090 102 3,170 2,820 103 2,110 1,380 104 7,120 5,180 105 4,520 3,950 106 3,300 2,510 For general factory use 880 3,090 Factory overhead costs incurred on account, $4,970....
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: Materials purchased on account, $2,690. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,840 $2,910 102 2,240 3,930 103 1,490 1,920 104 5,040 7,220 105 3,200 5,500 106 2,340 3,490 For general factory use 630 4,310 Factory overhead costs incurred on account, $3,510....
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: Materials purchased on account, $3,320. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,300 $3,280 102 2,810 4,430 103 1,860 2,160 104 6,300 8,130 105 4,000 6,200 106 2,920 3,940 For general factory use 780 4,850 Factory overhead costs incurred on account, $4,390....
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: Materials purchased on account, $3,280. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,220 $1,890 102 2,710 2,550 103 1,800 1,250 104 6,080 4,690 105 3,860 3,570 106 2,820 2,270 For general factory use 750 2,800 Factory overhead costs incurred on account, $4,240....
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: Materials purchased on account, $2,000. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,960 $1,780 102 2,390 2,400 103 1,590 1,170 104 5,370 4,410 105 3,410 3,360 106 2,490 2,140 For general factory use 670 2,630 Factory overhead costs incurred on account, $3,740....
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....