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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 Bal. Bal. Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Job Balance of Work in Process, April 30 Hildreth Company Schedule of Unfinished Jobs Direct Materials Direct Labor Factory Overhead Total 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Hildreth Company Schedule of Completed Jobs Factory Direct Labor Overhead Total Job Direct Materials 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: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. b. C. d. f. Entries g. Sale 9. Cost Description Debit Credit

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 Bal. Bal. Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Job Balance of Work in Process, April 30 Hildreth Company Schedule of Unfinished Jobs Direct Materials Direct Labor Factory Overhead Total 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Hildreth Company Schedule of Completed Jobs Factory Direct Labor Overhead Total Job Direct Materials 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: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. b. C. d. f. Entries g. Sale 9. Cost Description Debit Credit

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 2PB: Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost...
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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 Bal. Bal. Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Job Balance of Work in Process, April 30 Hildreth Company Schedule of Unfinished Jobs Direct Materials Direct Labor Factory Overhead Total 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Hildreth Company Schedule of Completed Jobs Factory Direct Labor Overhead Total Job Direct Materials
Transcribed Image Text: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 Bal. Bal. Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Job Balance of Work in Process, April 30 Hildreth Company Schedule of Unfinished Jobs Direct Materials Direct Labor Factory Overhead Total 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Hildreth Company Schedule of Completed Jobs Factory Direct Labor Overhead Total Job Direct Materials
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: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. b. C. d. f. Entries g. Sale 9. Cost Description Debit Credit
Transcribed Image Text: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: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. b. C. d. f. Entries g. Sale 9. Cost Description Debit Credit
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