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Entries and Schedules for Unfinished Jobs and Completed Jobs

Hildreth Company uses job order costing. 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	$3,350	$1,780
102	4,090	2,400
103	2,710	1,170
104	9,180	4,410
105	5,830	3,360
106	4,250	2,140
For general factory use	1,140	2,630

Factory overhead costs incurred on account, $6,400.

Depreciation of machinery and equipment, $1,260.

The factory overhead rate is $70 per machine hour. Machine hours used:

Job No.	Machine Hours
101	18
102	41
103	40
104	65
105	36
106	24
Total	224

Jobs completed: 101, 102, 103, and 105.

Jobs were shipped and customers were billed as follows: Job 101, $7,670; Job 102, $11,230; Job 105, $19,370.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

Entries	Description	Debit	Credit
a.	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in ProcessMaterials	fill in the blank 2	fill in the blank 3
	Accounts PayableFactory OverheadFinished GoodsMaterialsWork in ProcessAccounts Payable	fill in the blank 5	fill in the blank 6
b.	Accounts PayableCost of Goods SoldMaterialsWages PayableWork in ProcessWork in Process	fill in the blank 8	fill in the blank 9
	Accounts PayableAccounts ReceivableFactory OverheadMaterialsWages PayableFactory Overhead	fill in the blank 11	fill in the blank 12
	Accounts PayableAccounts ReceivableFactory OverheadMaterialsWork in ProcessMaterials	fill in the blank 14	fill in the blank 15
	Accounts PayableFactory OverheadFinished GoodsWork in ProcessWages PayableWages Payable	fill in the blank 17	fill in the blank 18
c.	Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in ProcessFactory Overhead	fill in the blank 20	fill in the blank 21
	Accounts PayableCost of Goods SoldFactory OverheadMaterialsWork in ProcessAccounts Payable	fill in the blank 23	fill in the blank 24
d.	Accumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in ProcessFactory Overhead	fill in the blank 26	fill in the blank 27
	Accumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in ProcessAccumulated Depreciation-Machinery and Equipment	fill in the blank 29	fill in the blank 30
e.	Accounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessWork in Process	fill in the blank 32	fill in the blank 33
	CashFactory OverheadFinished GoodsMaterialsWork in ProcessFactory Overhead	fill in the blank 35	fill in the blank 36
f.	Accounts ReceivableCashFactory OverheadFinished GoodsWork in ProcessFinished Goods	fill in the blank 38	fill in the blank 39
	CashFactory OverheadFinished GoodsMaterialsWork in ProcessWork in Process	fill in the blank 41	fill in the blank 42
g. Sale	Accounts ReceivableCashFinished GoodsSalesWork in ProcessAccounts Receivable	fill in the blank 44	fill in the blank 45
	Accounts ReceivableCashFinished GoodsSalesWork in ProcessSales	fill in the blank 47	fill in the blank 48
g. Cost	Cost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessCost of Goods Sold	fill in the blank 50	fill in the blank 51
	Cost of Goods SoldFactory OverheadFinished GoodsSalesWork in ProcessFinished Goods	fill in the blank 53	fill in the blank 54

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

Transaction	Debit amount	Transaction	Credit amount
(a)(b)(c)(d)(f)(g)(b)	fill in the blank 56	(a)(b)(c)(d)(e)(f)(g)(f)	fill in the blank 58
(a)(c)(d)(e)(f)(g)(e)	fill in the blank 60
Bal.	fill in the blank 61

Finished Goods

Transaction	Debit amount	Transaction	Credit amount
(a)(b)(c)(d)(e)(f)(g)(f)	fill in the blank 63	(a)(b)(c)(d)(e)(f)(g)(g)	fill in the blank 65
Bal.	fill in the blank 66

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. 101No. 102No. 103No. 104No. 105No. 104	$fill in the blank 68	$fill in the blank 69	$fill in the blank 70	$fill in the blank 71
No. 102No. 103No. 104No. 105No. 106No. 106	fill in the blank 73	fill in the blank 74	fill in the blank 75	fill in the blank 76
Balance of Work in Process, April 30				$fill in the blank 77

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)Finished Goods, April 30 (Job 105)Finished Goods, April 30 (Job 106)Finished Goods, April 30 (Job 103)	$fill in the blank 79	$fill in the blank 80	$fill in the blank 81	$fill in the blank 82

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