Hildreth Company uses a job order cost system. The following data summarize the
ID: 2524335 • Letter: H
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, $ 147,00
B. Materials requisioned and factory labor used:
Job # Materials Factory Labor
101 $ 19,329 $ 19,500
102 23,100 28,140
103 13,440 14,000
104 38,200 36,500
105 18,050 15,540
106 18,000 18,700
For general factory use 9,000 20,160
C. Factory overhead costs incurred on account, $ 6,000
D. Depreciation of machinery and equipment, $ 4,100
E. The factory overhead rate is $ 40 per machine hour. Machine hours used:
Job # Machine hours
101 154
102 160
103 126
104 238
105 160
106 174
total 1,012
F. Jobs completed 101, 102, 103, and 105
G. Jobs were shipped and customers were billed as follows: job 101, $ 62,900: job 102, $ 80,700: job 105, $ 45,500
Instructions
1. Journalize the entries to record the summarized opeartions
2. Post the appropiate entries to T accounts for Work in Process and Finished Goods. using the identifying letteres as transactions codes. Insert memo account balances as of the end of the month.
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
4. Preapare a schedule of completed jobs on hand to support yhe balance in the finished goods account.
Explanation / Answer
job sheet Materials labor overhead total job 101 19,320 19,500 6160 44,980 job 102 23,100 28,140 6400 57,640 job 103 13,440 14,000 5040 32,480 job 104 38,200 36,500 9520 84,220 job105 18,050 15,540 6400 39,990 job 106 18,000 18,700 6960 43,660 total 130,110 132,380 40480 302,970 Entries Description Debit Credit a. Raw materials inventory 147,000 Accounts payable 147,000 b. Work in process inventory 262,490 Factory overhead 29160 Raw materials inventory 139,110 Factory payroll 152,540 c. Factory overhead 6,000 Accounts payable 6,000 d. Factory overhead 4,100 Accumulated depreciation 4,100 e. Work in process inventory 40,480 Factory overhead 40,480 f. Finished goods inventory 175,090 work in process inventory 175,090 (44,980+57640+32480+39990) g. Accounts receivable 189100 sale 189,100 cost of good sold 142,610 finished goods inventory 142,610 (44,980+57640+39,990) 2) work in process b. 262,490 175,090 f. e. 40,480 bal 127,880 Finished goods f. 175,090 142,610 g. bal 32,480 3) Schedule of unfinished jobs job Direct direct FOH total materials labor job 104 38,200 36,500 9520 84,220 job 106 18,000 18,700 6960 43,660 Balance in work in process ,april 30 127,880 4) Schedule of completed jobs job Direct direct FOH total materials labor job 103 13,440 14,000 5,040 32,480
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