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

Question

Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,290. b. Materials requisitioned and factory labor used: Job No. 101 102 103 104 105 106 $1,860 2,270 1,510 S,100 3,240 2,360 $3,240 4,370 2,140 8,040 6,120 3,890 4,800 For general factory use c. Factory overhead costs incurred on account, $3,550. d. Depreciation of machinery and equipment, $2,300. e. The factory overhead rate is $55 per machine hour. Machine hours used Job No. 101 102 103 104 Machine Hours 23 43 37 65 Total f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $7,640; ob 102. $10,810; 3ob 105, $16,490, Required the summarized rations. For a compound transaction, if an amount box does not require an entry, leave it

Explanation / Answer

job sheet Materials labor overhead total job 101 1,860 3,240 1265 6,365 job 102 2,270 4,370 2365 9,005 job 103 1,510 2,140 2035 5,685 job 104 5,100 8,040 3575 16,715 job105 3,240 6,120 1760 11,120 job 106 2,360 3,890 1925 8,175 total 16,340 27,800 12925 57,065 Entries              Description                                  Debit Credit a. Raw materials inventory 3,290 Accounts payable 3,290 b. Work in process inventory 44,140 Factory overhead 5430 Raw materials inventory 16,970 Factory payroll 32,600 c. Factory overhead 3,550 Accounts payable 3,550 d. Factory overhead 2,300 Accumulated depreciation 2,300 e. Work in process inventory 12,925 Factory overhead 12,925 f. Finished goods inventory 32,175 work in process inventory 32,175 (44,980+57640+32480+39990) g. Accounts receivable 34940 sale 34,940 cost of good sold 26,490 finished goods inventory 142,610 (44,980+57640+39,990) 2) work in process b. 44,140 32,175 f. e. 12,925 bal 24,890 Finished goods f. 32,175 26,490 g. bal 5,685 3) Schedule of unfinished jobs job Direct direct FOH total materials labor job 104 5,100 8,040 3575 16,715 job 106 2,360 3,890 1925 8,175 Balance in work in process ,april 30 24,890 4) Schedule of completed jobs job Direct direct FOH total materials labor job 103 1,510 2,140 2,035 5,685

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