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, $3,320. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,960 $1,950 102 3,610 2,630 103 2,400 1,290 104 8,110 4,840 105 5,150 3,690 106 2,340 For general factory use 3,760 1,010 2,890 c. Factory overhead costs incurred on account, $5,650. d. Depreciation of machinery and equipment, $1,380. e. The factory overhead rate is $65 per machine hour. Machine hours used:

Answer 1

Answer:

	Direct	Direct	Overhead	Total
Job	materials	labor	applied
101	$2,960	$1,950	$1,560	$6,470
102	$3,610	$2,630	$1,755	$7,995
103	$2,400	$1,290	$1,170	$4,860
104	$8,110	$4,840	$4,550	$17,500
105	$5,150	$3,690	$2,275	$11,115
106	$3,760	$2,340	$1,560	$7,660
Total	$25,990	$16,740	$12,870	$55,600

Overhead Aapplied = Machine hour x Factory Overhead rate

Total cost of jobs completed:

jobs	Amount
101	$6,470
102	$7,995
103	$4,860
105	$11,115
Total cost of jobs completed	$30,440

Cost of jobs sold and sale price:

jobs	COGS	Sale
101	$6,470	$7,760
102	$7,995	$9,590
105	$11,115	$14,090
Total	$25,580	$31,440

Journal Entries:

	Account titles	Debit	Credit
a)	Raw materials inventory	$3,320
	Accounts payable		$3,320
b)	Work in process inventory	$42,730
	Factory overhead	$3,900
	Raw materials invetory		$27,000
	Factory wages payable		$19,630
c)	Factory overhead	$5,650
	accounts payable		$5,650
d)	Factory overhead	$1,380
	Accumulated depreciation		$1,380
e)	work in process inventory	$12,870
	Factory overhead		$12,870
f)	finished goods inventory	$30,440
	work in process inventory		$30,440
g)	accounts receivable	$31,440
	sales		$31,440
h)	Cost of goods sold	$25,580
	Finished goods inventory		$25,580

Work in process inventory
b)	$42,730	f)	$30,440
e)	$12,870
Balance	$25,160

Finished goods inventory
f)	$30,440	g)	$25,580
Balance	$4,860

Schedule of unfinished jobs:

	Direct	Direct	Overhead	Total
Job	materials	labor	applied
104	$8,110	$4,840	$4,550	$17,500
106	$3,760	$2,340	$1,560	$7,660
Work in process inventory				$25,160

Schedule of finished jobs:

	Direct	Direct	Overhead	Total
Job	materials	labor	applied
103	$2,400	$1,290	$1,170	$4,860