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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Entries and Schedules for Unfinished Jobs and Completed Jobs
Hildreth Company uses a
- 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.
Required:

Transcribed Image Text: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
d.
g. Sale
g. Cost

Transcribed Image Text: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
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
Direct
Direct
Factory
Job
Total
Materials
Labor
Overhead
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
Direct
Direct
Factory
Job
Total
Materials Labor Overhead
Expert Solution
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