Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...

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Entries and Schedules for Unfinished Jobs and Completed Jobs 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, $3,320. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,960 $1,950 102 3,610 2,630 103 2,400 1,290 104 8,110 4,840 105 5,150 3,690 106 2,340 For general factory use 3,760 1,010 2,890 c. Factory overhead costs incurred on account, $5,650. d. Depreciation of machinery and equipment, $1,380. e. The factory overhead rate is $65 per machine hour. Machine hours used: c. Factory overhead costs incurred on account, $5,650. d. Depreciation of machinery and equipment, $1,380. e. The factory overhead rate is $65 per machine hour. Machine hours used: Job No. Machine Hours 101 24 102 27 103 18 104 70 105 35 106 24 Total 198 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $7,760; Job 102, $9,590; Job 105, $14,090. 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. b. d. ENG 12:10 9/19/20 57% OBI Insert memo account balances as of the end of the month Work in Process Bal. Finished Goods Bal. 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 < Balance of Work in Process, April 30 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

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Answer:     Direct Direct Overhead Total   Job materials labor applied    101 $2,960 $1,950 $1,560 $6,470   102 $3,610 $2,630 $1,755 $7,995   103 $2,400 $1,290 $1,170 $4,860   104 $8,110 $4,840 $4,550 $17,500   105 $5,150 $3,690 $2,275 $11,115   106 $3,760 $2,340 $1,560 $7,660   Total $25,990 $16,740 $12,870 $55,600     Overhead Aapplied = Machine hour x Factory Overhead rate Total cost of jobs completed:    jobs Amount   101 $6,470   102 $7,995   103 $4,860   105 $11,115   Total cost of jobs completed  $30,440    Cost of jobs sold and sale price:    jobs COGS Sale   101 $6,470 $7,760   102 $7,995 $9,590   105 $11,115 $14,090   Total $25,580 $31,440    Journal Entries:     Account titles Debit Credit         a) Raw materials inventory $3,320     Accounts payable  $3,320         b) Work in process inventory $42,730     Factory overhead $3,900     Raw materials invetory  $27,000    Factory wages payable  $19,630         c) Factory overhead $5,650     accounts payable  $5,650         d) Factory overhead $1,380     Accumulated depreciation  $1,380         e) work in process inventory $12,870     Factory overhead  $12,870         f) finished goods inventory $30,440     work in process inventory  $30,440         g) accounts receivable $31,440     sales  $31,440         h) Cost of goods sold $25,580     Finished goods inventory  $25,580       Work in process inventory   b) $42,730 f) $30,440   e) $12,870           Balance  $25,160         Finished goods inventory   f) $30,440 g) $25,580         Balance  $4,860      Schedule of unfinished jobs:     Direct Direct Overhead Total   Job materials labor applied    104 $8,110 $4,840 $4,550 $17,500   106 $3,760 $2,340 $1,560 $7,660   Work in process inventory     $25,160    Schedule of finished jobs:     Direct Direct Overhead Total   Job materials labor applied    103 $2,400 $1,290 $1,170 $4,860   .

	Direct	Direct	Overhead	Total
Job	materials	labor	applied
103	$2,400	$1,290	$1,170	$4,860

Entries and Schedules for Unfinished Jobs and Completed Jobs Hildreth Company uses a job order cost...

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jobs	Amount
101	$6,470
102	$7,995
103	$4,860
105	$11,115
Total cost of jobs completed	$30,440

jobs	COGS	Sale
101	$6,470	$7,760
102	$7,995	$9,590
105	$11,115	$14,090
Total	$25,580	$31,440

	Account titles	Debit	Credit

a)	Raw materials inventory	$3,320
	Accounts payable		$3,320

b)	Work in process inventory	$42,730
	Factory overhead	$3,900
	Raw materials invetory		$27,000
	Factory wages payable		$19,630

c)	Factory overhead	$5,650
	accounts payable		$5,650

d)	Factory overhead	$1,380
	Accumulated depreciation		$1,380

e)	work in process inventory	$12,870
	Factory overhead		$12,870

f)	finished goods inventory	$30,440
	work in process inventory		$30,440

g)	accounts receivable	$31,440
	sales		$31,440

h)	Cost of goods sold	$25,580
	Finished goods inventory		$25,580

Work in process inventory
b)	$42,730	f)	$30,440
e)	$12,870

Balance	$25,160

Finished goods inventory
f)	$30,440	g)	$25,580

Balance	$4,860