Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. 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. Materials fill in the blank 2 fill in the blank 3 Accounts Payable fill in the blank 5 fill in the blank 6 b. Work in Process fill in the blank 8 fill in the blank 9 Factory Overhead fill in the blank 11 fill in the blank 12 Materials fill in the blank 14 fill in the blank 15 Wages Payaable fill in the blank 17 fill in the blank 18 c. Factory Overhead fill in the blank 20 fill in the blank 21 Accounts Payable fill in the blank 23 fill in the blank 24 d. Factory Overhead fill in the blank 26 fill in the blank 27 Accumulated Depreciation-Machinery and Equipment fill in the blank 29 fill in the blank 30 e. Work in Process fill in the blank 32 fill in the blank 33 Factory Overhead fill in the blank 35 fill in the blank 36 f. Finished Goods fill in the blank 38 fill in the blank 39 Work in Process fill in the blank 41 fill in the blank 42 g. Accounts Receivable fill in the blank 44 fill in the blank 45 Sales fill in the blank 47 fill in the blank 48 Cost of Goods Sold fill in the blank 50 fill in the blank 51 Finished Goods fill in the blank 53 fill in the blank 54 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 (b) fill in the blank 56 (f) fill in the blank 58 (e) fill in the blank 60 Bal. fill in the blank 61 Finished Goods (f) fill in the blank 63 (g) fill in the blank 65 Bal. fill in the blank 66 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Kaymer Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total No. 304 ? ? ? ? No. 306 ? ? ? ? Balance of Work in Process, January 30 ? 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Kaymer Industries Inc. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305) ? ? ? ?

Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: Materials purchased on account, $30,580. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,980 $2,560 302 3,640 3,460 303 2,410 1,690 304 8,170 6,350 305 5,190 4,840 306 3,780 3,070 For general factory use 1,010 3,790 Factory overhead costs incurred on account, $5,690. Depreciation of factory machinery and equipment, $1,820. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 39 302 27 303 34 304 74 305 30 306 18 Total 222 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310. 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. Materials fill in the blank 2 fill in the blank 3 Accounts Payable fill in the blank 5 fill in the blank 6 b. Work in Process fill in the blank 8 fill in the blank 9 Factory Overhead fill in the blank 11 fill in the blank 12 Materials fill in the blank 14 fill in the blank 15 Wages Payaable fill in the blank 17 fill in the blank 18 c. Factory Overhead fill in the blank 20 fill in the blank 21 Accounts Payable fill in the blank 23 fill in the blank 24 d. Factory Overhead fill in the blank 26 fill in the blank 27 Accumulated Depreciation-Machinery and Equipment fill in the blank 29 fill in the blank 30 e. Work in Process fill in the blank 32 fill in the blank 33 Factory Overhead fill in the blank 35 fill in the blank 36 f. Finished Goods fill in the blank 38 fill in the blank 39 Work in Process fill in the blank 41 fill in the blank 42 g. Accounts Receivable fill in the blank 44 fill in the blank 45 Sales fill in the blank 47 fill in the blank 48 Cost of Goods Sold fill in the blank 50 fill in the blank 51 Finished Goods fill in the blank 53 fill in the blank 54 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 (b) fill in the blank 56 (f) fill in the blank 58 (e) fill in the blank 60 Bal. fill in the blank 61 Finished Goods (f) fill in the blank 63 (g) fill in the blank 65 Bal. fill in the blank 66 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Kaymer Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total No. 304 ? ? ? ? No. 306 ? ? ? ? Balance of Work in Process, January 30 ? 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Kaymer Industries Inc. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305) ? ? ? ?

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 2PA: Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order...

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Entries and Schedules for Unfinished Jobs and Completed Jobs

Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:

Materials purchased on account, $30,580.
Materials requisitioned and factory labor used:

Job Materials Factory Labor

301 $2,980 $2,560

302 3,640 3,460

303 2,410 1,690

304 8,170 6,350

305 5,190 4,840

306 3,780 3,070

For general factory use 1,010 3,790
Factory overhead costs incurred on account, $5,690.
Depreciation of factory machinery and equipment, $1,820.
The factory overhead rate is $55 per machine hour. Machine hours used:

Job Machine Hours

301 39

302 27

303 34

304 74

305 30

306 18

Total 222
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $9,220; Job 302, $10,300; Job 303, $17,310.

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.	Materials	fill in the blank 2	fill in the blank 3
	Accounts Payable	fill in the blank 5	fill in the blank 6

b.	Work in Process	fill in the blank 8	fill in the blank 9
	Factory Overhead	fill in the blank 11	fill in the blank 12
	Materials	fill in the blank 14	fill in the blank 15
	Wages Payaable	fill in the blank 17	fill in the blank 18

c.	Factory Overhead	fill in the blank 20	fill in the blank 21
	Accounts Payable	fill in the blank 23	fill in the blank 24

d.	Factory Overhead	fill in the blank 26	fill in the blank 27
	Accumulated Depreciation-Machinery and Equipment	fill in the blank 29	fill in the blank 30

e.	Work in Process	fill in the blank 32	fill in the blank 33
	Factory Overhead	fill in the blank 35	fill in the blank 36

f.	Finished Goods	fill in the blank 38	fill in the blank 39
	Work in Process	fill in the blank 41	fill in the blank 42

g.	Accounts Receivable	fill in the blank 44	fill in the blank 45
	Sales	fill in the blank 47	fill in the blank 48

	Cost of Goods Sold	fill in the blank 50	fill in the blank 51
	Finished Goods	fill in the blank 53	fill in the blank 54

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
(b)	fill in the blank 56	(f)	fill in the blank 58
(e)	fill in the blank 60
Bal.	fill in the blank 61

Finished Goods
(f)	fill in the blank 63	(g)	fill in the blank 65
Bal.	fill in the blank 66

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Job	Direct Materials	Direct Labor	Factory Overhead	Total
Kaymer Industries Inc. Schedule of Unfinished Jobs
No. 304	?	?	?	?
No. 306	?	?	?	?
Balance of Work in Process, January 30				?

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Job	Direct Materials	Direct Labor	Factory Overhead	Total
Kaymer Industries Inc. Schedule of Completed Jobs
Finished Goods, January 30 (Job 305)	?	?	?	?

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Job	Materials	Factory Labor
301	$2,980	$2,560
302	3,640	3,460
303	2,410	1,690
304	8,170	6,350
305	5,190	4,840
306	3,780	3,070
For general factory use	1,010	3,790

Job	Machine Hours
301	39
302	27
303	34
304	74
305	30
306	18
Total	222