Question

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, $3,290. b. Materials requisitioned and factory labor used: Job No. 101 102 103 104 105 106 $1,860 2,270 1,510 S,100 3,240 2,360 $3,240 4,370 2,140 8,040 6,120 3,890 4,800 For general factory use c. Factory overhead costs incurred on account, $3,550. d. Depreciation of machinery and equipment, $2,300. e. The factory overhead rate is $55 per machine hour. Machine hours used Job No. 101 102 103 104 Machine Hours 23 43 37 65 Total f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $7,640; ob 102. $10,810; 3ob 105, $16,490, Required the summarized rations. For a compound transaction, if an amount box does not require an entry, leave it

Answer 1

job sheet
		Materials	labor	overhead	total
job 101		1,860	3,240	1265	6,365
job 102		2,270	4,370	2365	9,005
job 103		1,510	2,140	2035	5,685
job 104		5,100	8,040	3575	16,715
job105		3,240	6,120	1760	11,120
job 106		2,360	3,890	1925	8,175
total		16,340	27,800	12925	57,065
Entries	Description				Debit	Credit
a.	Raw materials inventory				3,290
	Accounts payable					3,290
b.	Work in process inventory				44,140
	Factory overhead				5430
	Raw materials inventory					16,970
	Factory payroll					32,600
c.	Factory overhead				3,550
	Accounts payable					3,550
d.	Factory overhead				2,300
	Accumulated depreciation					2,300
e.	Work in process inventory				12,925
	Factory overhead					12,925
f.	Finished goods inventory				32,175
	work in process inventory					32,175
	(44,980+57640+32480+39990)
g.	Accounts receivable				34940
	sale					34,940
	cost of good sold				26,490
	finished goods inventory					142,610
	(44,980+57640+39,990)
2)	work in process
	b.	44,140	32,175	f.
	e.	12,925
	bal	24,890
	Finished goods
	f.	32,175	26,490	g.
	bal	5,685
3)	Schedule of unfinished jobs
	job	Direct	direct	FOH	total
		materials	labor
	job 104	5,100	8,040	3575	16,715
	job 106	2,360	3,890	1925	8,175
	Balance in work in process ,april 30				24,890
4)	Schedule of completed jobs
		job	Direct	direct	FOH	total
			materials	labor
		job 103	1,510	2,140	2,035	5,685