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:
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 |
Job No. | Machine Hours | ||
101 | 33 | ||
102 | 21 | ||
103 | 26 | ||
104 | 80 | ||
105 | 15 | ||
106 | 16 | ||
Total | 191 |
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) | $ | $ | $ | $ |
job sheet | ||||||
Materials | labor | overhead | total | |||
job 101 | 2,610 | 2,330 | 1980 | 6,920 | ||
job 102 | 3,180 | 3,150 | 1260 | 7,590 | ||
job 103 | 2,110 | 1,540 | 1560 | 5,210 | ||
job 104 | 7,150 | 5,780 | 4800 | 17,730 | ||
job105 | 4,540 | 4,400 | 900 | 9,840 | ||
job 106 | 3,310 | 2,800 | 960 | 7,070 | ||
total | 22,900 | 20,000 | 11460 | 54,360 | ||
Entries | Description | Debit | Credit | |||
a. | Raw materials inventory | 3,350 | ||||
Accounts payable | 3,350 | |||||
b. | Work in process inventory | 42,900 | ||||
Factory overhead | 4340 | |||||
Raw materials inventory | 23,790 | |||||
Factory payroll | 23,450 | |||||
c. | Factory overhead | 4,990 | ||||
Accounts payable | 4,990 | |||||
d. | Factory overhead | 1,650 | ||||
Accumulated depreciation | 1,650 | |||||
e. | Work in process inventory | 11,460 | ||||
Factory overhead | 11,460 | |||||
f. | Finished goods inventory | 29,560 | ||||
work in process inventory | 29,560 | |||||
(job 101,102,103 &105) | ||||||
g. | Accounts receivable | 32520 | ||||
sale | 32,520 | |||||
cost of good sold | 24,350 | |||||
finished goods inventory | 24,350 | |||||
2) | work in process | |||||
b. | 42,900 | 29,560 | f. | |||
e. | 11,460 | |||||
bal | 24,800 | |||||
Finished goods | ||||||
f. | 29,560 | 24,350 | g. | |||
bal | 5,210 | |||||
3) | Schedule of unfinished jobs | |||||
job | Direct | direct | FOH | total | ||
materials | labor | |||||
job 104 | 7,150 | 5,780 | 4800 | 17,730 | ||
job 106 | 3,310 | 2,800 | 960 | 7,070 | ||
Balance in work in process ,april 30 | 24,800 | |||||
4) | Schedule of completed jobs | |||||
job | Direct | direct | FOH | total | ||
materials | labor | |||||
job 103 | 2,110 | 1,540 | 1,560 | 5,210 | ||
Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...
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, $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....
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...
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...