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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education