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, $3,280.
2. 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

3. Factory overhead costs incurred on account, $4,240.
4. Depreciation of machinery and equipment, $1,340.
5. The factory overhead rate is $70 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		36
   102		19
   103		36
   104		75
   105		21
   106		26
   Total		213

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $7,960; Job 102, $7,910; Job 105, $16,150.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

Entries	Description	Debit	Credit
a.
b.
c.
d.
e.
f.
g. Sale
g. Cost

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
Bal.

Finished Goods
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
	$		$		$		$
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
	$		$		$		$

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		2,220	1,890	2520	6,630
job 102		2,710	2,550	1330	6,590
job 103		1,800	1,250	2520	5,570
job 104		6,080	4,690	5250	16,020
job105		3,860	3,570	1470	8,900
job 106		2,820	2,270	1820	6,910
total		19,490	16,220	14910	50,620
Entries	Description				Debit	Credit
a.	Raw materials inventory				3,280
	Accounts payable					3,280
b.	Work in process inventory				35,710
	Factory overhead				3550
	Raw materials inventory					20,240
	Factory payroll					19,020
c.	Factory overhead				4,240
	Accounts payable					4,240
d.	Factory overhead				1,340
	Accumulated depreciation					1,340
e.	Work in process inventory				14,910
	Factory overhead					14,910
f.	Finished goods inventory				27,690
	work in process inventory					27,690
	(job 101,102,103 &105)
g.	Accounts receivable				32020
	sale					32,020
	cost of good sold				22,120
	finished goods inventory					22,120
2)	work in process
	b.	35,710	27,690	f.
	e.	14,910
	bal	22,930
	Finished goods
	f.	27,690	22,120	g.
	bal	5,570
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	6,080	4,690	5250	16,020
	job 106	2,820	2,270	1820	6,910
	Balance in work in process ,april 30				22,930
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,800	1,250	2,520	5,570