Entries and Schedules for Unfinished Jobs and Completed Jobs

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 2016, the first month of operations: a. Materials purchased on account, $147,000 b. Materials requisitioned and factory labor used Job No. 101 No. 102 No. 103 No. 104 No. 105 No. 106 For general factory use Materials $19,320 23,100 13,440 38,200 18,050 18,000 9,000 Factory Labor $19,500 28,140 14,000 36,500 15,540 18,700 20,160 C. Factory overhead costs incurred on account, $6,000 d. Depreciation of machinery and equipment, $4,100 e. The factory overhead rate is $40 per machine hour. Machine hours used: Machine Hours Job No. 101 No. 102 No. 103 No. 104 No. 105 No. 106 Total 154 160 126 238 160 174 1,012 f. Jobs completed: 101, 102, 103, and 105 g. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500 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.

Solution

job sheet Materials labor overhead total job 101 19,320 19,500 6160 44,980 job 102 23,100 28,140 6400 57,640 job 103 13,440 14,000 5040 32,480 job 104 38,200 36,500 9520 84,220 job105 18,050 15,540 6400 39,990 job 106 18,000 18,700 6960 43,660 total 130,110 132,380 40480 302,970 Entries              Description                                  Debit Credit a. Raw materials inventory 147,000 Accounts payable 147,000 b. Work in process inventory(130,110+132380) 262,490 Factory overhead (9000+20,160) 29160 Raw materials inventory 139110 Factory payroll 152540 c. Factory overhead 6,000 Accounts payable 6,000 d. Factory overhead 4,100 Accumulated depreciation 4,100 e. Work in process inventory 40,480 Factory overhead 40,480 f. Finished goods inventory 175,090 work in process inventory 175,090 (44,980+57640+32480+39990) g. Accounts receivable 189100 sale 189,100 cost of good sold 142,610 finished goods inventory 142,610 (44,980+57640+39,990) 2) work in process b. 262,490 175,090 f. e. 40,480 bal 127,880 Finished goods f. 175,090 142,610 g. bal 32,480 3) Schedule of unfinished jobs job Direct direct FOH total materials labor job 104 38,200 36,500 9520 84,220 job 105 18,000 18,700 6960 43,660 Balance in work in process ,april 30 127,880 4) Schedule of completed jobs job Direct direct FOH total materials labor job 103 13,440 14,000 5040 32,480