Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,230. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,900 $2,480 102 3,540 3,350 103 2,350 1,640 104 7,950 6,150 105 5,050 4,690 106 3,680 2,980 For general factory use 990 3,670 Factory overhead costs incurred on account, $5,540. Depreciation of machinery and equipment, $1,760. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 40 102 22 103 43 104 77 105 35 106 19 Total 236 Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $10,060; Job 102, $10,250; Job 105, $20,920. 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. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 e. fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 f. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 g. Sale fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 g. Cost fill in the blank 50 fill in the blank 51 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 fill in the blank 56 fill in the blank 58 fill in the blank 60 Bal. fill in the blank 61 Finished Goods fill in the blank 63 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. Hildreth Company Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total $ fill in the blank 68 $ fill in the blank 69 $ fill in the blank 70 $ fill in the blank 71 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 Balance of Work in Process, April 30 $ fill in the blank 77

Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations: Materials purchased on account, $2,230. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,900 $2,480 102 3,540 3,350 103 2,350 1,640 104 7,950 6,150 105 5,050 4,690 106 3,680 2,980 For general factory use 990 3,670 Factory overhead costs incurred on account, $5,540. Depreciation of machinery and equipment, $1,760. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 40 102 22 103 43 104 77 105 35 106 19 Total 236 Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $10,060; Job 102, $10,250; Job 105, $20,920. 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. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 e. fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 f. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 g. Sale fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 g. Cost fill in the blank 50 fill in the blank 51 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 fill in the blank 56 fill in the blank 58 fill in the blank 60 Bal. fill in the blank 61 Finished Goods fill in the blank 63 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. Hildreth Company Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total $ fill in the blank 68 $ fill in the blank 69 $ fill in the blank 70 $ fill in the blank 71 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 Balance of Work in Process, April 30 $ fill in the blank 77

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 2PB: Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost...

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Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:

Materials purchased on account, $2,230.

Materials requisitioned and factory labor used:

Job No.	Materials	Factory Labor
101	$2,900		$2,480
102	3,540		3,350
103	2,350		1,640
104	7,950		6,150
105	5,050		4,690
106	3,680		2,980
For general factory use	990		3,670

Factory overhead costs incurred on account, $5,540.
Depreciation of machinery and equipment, $1,760.
The factory overhead rate is $75 per machine hour. Machine hours used:

Job No. Machine Hours

101 40

102 22

103 43

104 77

105 35

106 19

Total 236
Jobs completed: 101, 102, 103, and 105.
Jobs were shipped and customers were billed as follows: Job 101, $10,060; Job 102, $10,250; Job 105, $20,920.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

Entries	Debit	Credit
a.	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6

b.	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18

c.	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24

d.	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30

e.	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36

f.	fill in the blank 38	fill in the blank 39
	fill in the blank 41	fill in the blank 42

g. Sale	fill in the blank 44	fill in the blank 45
	fill in the blank 47	fill in the blank 48

g. Cost	fill in the blank 50	fill in the blank 51
	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
	fill in the blank 56	fill in the blank 58
	fill in the blank 60
Bal.	fill in the blank 61

Finished Goods
	fill in the blank 63		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.

Hildreth Company Schedule of Unfinished Jobs
Job	Direct Materials	Direct Labor	Factory Overhead	Total
	$	fill in the blank 68	$	fill in the blank 69	$	fill in the blank 70	$	fill in the blank 71
		fill in the blank 73		fill in the blank 74		fill in the blank 75		fill in the blank 76
Balance of Work in Process, April 30	$	fill in the blank 77

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
	$	fill in the blank 79	$	fill in the blank 80	$	fill in the blank 81	$	fill in the blank 82

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Job No.	Machine Hours
101		40
102		22
103		43
104		77
105		35
106		19
Total		236