Question

Hildreth Company uses a job order cost system. The following data summarize the operations related to...

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, $2,120.
  2. Materials requisitioned and factory labor used:
    Job No. Materials Factory Labor
    101 $1,820 $2,040
    102 2,220 2,750
    103 1,470 1,350
    104 4,990 5,060
    105 3,170 3,860
    106 2,310 2,450
    For general factory use 620 3,020
  3. Factory overhead costs incurred on account, $3,480.
  4. Depreciation of machinery and equipment, $1,450.
  5. The factory overhead rate is $35 per machine hour. Machine hours used:
    Job No. Machine Hours
    101 37
    102 44
    103 18
    104 67
    105 37
    106 32
    Total 235
  6. Jobs completed: 101, 102, 103, and 105.
  7. Jobs were shipped and customers were billed as follows: Job 101, $6,190; Job 102, $7,810; Job 105, $10,010.

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) $ $ $ $

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