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, $2,110.
2. 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

3. Factory overhead costs incurred on account, $4,660.
4. Depreciation of machinery and equipment, $1,750.
5. The factory overhead rate is $60 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		15
   102		26
   103		17
   104		84
   105		21
   106		34
   Total		197

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $6,960; Job 102, $9,430; Job 105, $13,400.

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.	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		2,440	2,460	900	5,800
job 102		2,980	3,320	1560	7,860
job 103		1,980	1,620	1020	4,620
job 104		6,690	6,100	5040	17,830
job105		4,250	4,650	1260	10,160
job 106		3,100	2,950	2040	8,090
total		21,440	21,100	11820	54,360
Entries	Description				Debit	Credit
a.	Raw materials inventory				2,110
	Accounts payable					2,110
b.	Work in process inventory				42,540
	Factory overhead				4470
	Raw materials inventory					22,270
	Factory payroll					24,740
c.	Factory overhead				4,660
	Accounts payable					4,660
d.	Factory overhead				1,750
	Accumulated depreciation					1,750
e.	Work in process inventory				11,820
	Factory overhead					11,820
f.	Finished goods inventory				28,440
	work in process inventory					28,440
	(job 101,102,103 &105)
g.	Accounts receivable				29790
	sale					29,790
	cost of good sold				23,820
	finished goods inventory					23,820
2)	work in process
	b.	42,540	28,440	f.
	e.	11,820
	bal	25,920
	Finished goods
	f.	28,440	23,820	g.
	bal	4,620
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	6,690	6,100	5040	17,830
	job 106	3,100	2,950	2040	8,090
	Balance in work in process ,april 30				25,920
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,980	1,620	1,020	4,620