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: Materials purchased on account, $2,860. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,680   $3,280   102 3,270   4,430   103 2,170   2,160   104 7,340   8,130   105 4,660   6,200   106 3,400   3,940   For general factory use 910   4,850   Factory overhead costs incurred on account, $5,120. Depreciation of machinery and equipment, $2,330. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101   17   102   36   103   16   104   78   105   31   106   19   Total   197   Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $8,680; Job 102, $12,480; Job 105, $16,040.

Entries for Direct Labor and Factory Overhead Schumacher Industries Inc. manufactures recreational vehicles. Schumacher Industries uses a job order cost system. The time tickets from June jobs are summarized as follows: Job 11-101 Job 11-102 Job 11-103 Job 11-104 Job 11-105 $3,910 2,650 2,090 3,210 2,090 Factory supervision 1,810 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $22 per direct labor hour. The direct labor rate is $15 per hour. a. Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank. b. Journalize the entry to apply factory overhead to production for June. If an amount box does not require an entry, leave it blank.

Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses job order costing. The following data summarize the operations related to production for April, the first month of operations: a. Materials purchased on account, $3,140. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $2,490 $1,980 102 3,040 2,670 103 2,020 1,310 104 6,820 4,910 105 4,330 3,740 106 3,160 2,380 For general factory use 850 2,930 c. Factory overhead costs incurred on account, $4,760. d. Depreciation of machinery and equipment, $1,410. e. The factory overhead rate is $75 per machine hour. Machine hours used: Job No. Machine Hours 101 32 102 42 103 26 104 74 105 34 106 25 Total 233 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $8,240; Job 102, $10,630; Job 105, $15,310. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave…

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Entries for Direct Labor and Factory Overhead Townsend Industries Inc. manufactures recreational vehicles. Townsend uses a job order cost system. The time tickets from November jobs are summarized as follows: Job 11-101 $6,240 Job 11-102 9,000 Job 11-103 7,210 Job 11-104 6,750 Factory supervision 4,000 Factory overhead is applied to jobs on the basis of a predetermined overhead rate of $18 per direct labor hour. The direct labor rate is $40 per hour. a.  Journalize the entry to record the factory labor costs. If an amount box does not require an entry, leave it blank.

Louisiana Metals uses a job costing system. The company applies manufacturing overhead using a predetermined rate based on direct labor cost. The following debits (credits) appeared in the Work-in-Process Inventory for June. June 1 For the month For the month For the month For the month Balance Direct labor Direct materials Manufacturing overhead To finished goods Beginning inventory ??? $ 33,000 43, 200 19,800 (78,700) Job LM-12, the only job still in production at the end of June, has been charged $13,200 in direct materials cost and $12,400 in direct labor cost. Required: What was the beginning balance in Work-in-Process Inventory?

Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:   a. Materials purchased on account, $28,790.   b. Materials requisitioned and factory labor used:   Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180     c. Factory overhead costs incurred on account, $5,600.   d. Depreciation of machinery and equipment, $1,970.   e. The factory overhead rate is $53 per machine hour. Machine hours used:   Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228     f. Jobs completed: 301, 302, 303 and 305.   g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730.     Required: 1. Journalize the entries to record the summarized…

PROBLEMS:  Job Order Costing   Leen Production Co. uses the job order cost system of accounting. The following information was taken from the company’s books after all posting had been completed at the end of May:   Jobs           Direct Materials Direct Labor Factory          No. of units Completed                   Cost     Cost Overhead       Completed 1040 P 3,600                 P 4,000             P 1,600                400 1065   2,380                     2,500                1,000                240 1120   1,800                     1,700                   680                200 Required: Compute the total production cost of each job. Prepare the journal entry to transfer the cost of jobs completed to Finished Goods. Compute the cost per unit for each job. Compute the selling price per unit for each job, assuming a mark-up percentage of 40%. Prepare the journal entries to record the sale on account of Job 1065.

Sheridan Manufacturing uses a job order cost system. On April 1, the company has Work in Process Inventory of $8,630 and two jobs in process: Job No. 221, $4,070, and Job No. 222, $4,560. During April, a summary of source documents reveals the following: For Job No. 221 Totals 222 223 General use (a) 224 Materials Requisition Slips $1,300 1,870 2,770 2,930 650 $9,520 Labor Time Tickets $2,360 2,440 3,340 3,260 490 $11,890 Sheridan applies manufacturing overhead to jobs at an overhead rate of 70% of direct labor cost. Job No. 221 is completed during the month. Prepare summary journal entries to record the raw materials requisitioned, factory labor used, the assignment of manufacturing overhead to jobs, and the completion of Job No. 221. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)