Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of operations:

1. Materials purchased on account, $36,000.
2. Materials requisitioned and factory labor used:

   Job	Materials	Factory Labor
   No. 401	$5,500	$6,650
   No. 402	4,000	4,775
   No. 403	2,400	1,875
   No. 404	7,100	8,500
   No. 405	3,200	4,000
   No. 406	1,850	2,200
   For general factory use	3,150	1,500

3. Factory overhead costs incurred on account, $6,000.
4. Depreciation of machinery and equipment, $1,550.
5. The factory overhead rate is $40 per machine hour. Machine hours used:

   Job	Machine Hours
   No. 401		38
   No. 402		30
   No. 403		18
   No. 404		56
   No. 405		24
   No. 406		14
   Total		180

6. Jobs completed: 401, 402, 403, and 405.
7. Jobs were shipped and customers were billed as follows: Job 401 $22,750, Job 402 $16,600, Job 403 $8,400.

Instructions:

1. Prepare a schedule summarizing manufacturing costs by job for April.

Waddell Equipment Company
Schedule Summarizing Manufacturing Costs
For the Month of April 30, 20Y4
Job	Direct Materials	Direct Labor	Factory Overhead	Total
No. 401	$fill in the blank 55e70cfeffa9fb9_1	$fill in the blank 55e70cfeffa9fb9_2	$fill in the blank 55e70cfeffa9fb9_3	$fill in the blank 55e70cfeffa9fb9_4
No. 402	fill in the blank 55e70cfeffa9fb9_5	fill in the blank 55e70cfeffa9fb9_6	fill in the blank 55e70cfeffa9fb9_7	fill in the blank 55e70cfeffa9fb9_8
No. 403	fill in the blank 55e70cfeffa9fb9_9	fill in the blank 55e70cfeffa9fb9_10	fill in the blank 55e70cfeffa9fb9_11	fill in the blank 55e70cfeffa9fb9_12
No. 404	fill in the blank 55e70cfeffa9fb9_13	fill in the blank 55e70cfeffa9fb9_14	fill in the blank 55e70cfeffa9fb9_15	fill in the blank 55e70cfeffa9fb9_16
No. 405	fill in the blank 55e70cfeffa9fb9_17	fill in the blank 55e70cfeffa9fb9_18	fill in the blank 55e70cfeffa9fb9_19	fill in the blank 55e70cfeffa9fb9_20
No. 406	fill in the blank 55e70cfeffa9fb9_21	fill in the blank 55e70cfeffa9fb9_22	fill in the blank 55e70cfeffa9fb9_23	fill in the blank 55e70cfeffa9fb9_24
Total				$fill in the blank 55e70cfeffa9fb9_25

Multiply the factory overhead rate by the number of machine hours for each job. Include the direct materials, direct factory labor, and factory overhead for each job.

2. Prepare a schedule of jobs finished in April.

Waddell Equipment Company
Schedule of Jobs Finished
For the Month of April 30, 20Y4
Job	Direct Materials	Direct Labor	Factory Overhead	Total
No. 401	$fill in the blank 445ea50b103004a_1	$fill in the blank 445ea50b103004a_2	$fill in the blank 445ea50b103004a_3	$fill in the blank 445ea50b103004a_4
No. 402	fill in the blank 445ea50b103004a_5	fill in the blank 445ea50b103004a_6	fill in the blank 445ea50b103004a_7	fill in the blank 445ea50b103004a_8
No. 403	fill in the blank 445ea50b103004a_9	fill in the blank 445ea50b103004a_10	fill in the blank 445ea50b103004a_11	fill in the blank 445ea50b103004a_12
No. 405	fill in the blank 445ea50b103004a_13	fill in the blank 445ea50b103004a_14	fill in the blank 445ea50b103004a_15	fill in the blank 445ea50b103004a_16
Total				$fill in the blank 445ea50b103004a_17

Include the direct materials, direct labor, and factory overhead for each finished job.

3. Prepare a schedule of jobs sold in April.

Waddell Equipment Company
Schedule of Jobs Sold
For the Month of April 30, 20Y4
Job
No. 401	$fill in the blank 980ef5f3c038017_1
No. 402	fill in the blank 980ef5f3c038017_2
No. 403	fill in the blank 980ef5f3c038017_3
Total	$fill in the blank 980ef5f3c038017_4

Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.

What account does this schedule support for the month of April?

Include the total costs for each job sold. Recall that these costs become part of the cost of goods sold account.

4. Prepare a schedule of completed jobs on hand as of April 30, 20Y4.

Waddell Equipment Company
Schedule of Completed Jobs on Hand
For the Month of April 30, 20Y4
Job	Direct Materials	Direct Labor	Factory Overhead	Total
Finished Goods, April 30 (Job 405)	$fill in the blank 74492806ef8103d_1	$fill in the blank 74492806ef8103d_2	$fill in the blank 74492806ef8103d_3	$fill in the blank 74492806ef8103d_4

Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.

What account does this schedule support?

Include the direct materials, direct labor, and factory overhead for each job finished but not sold. Remember that this is listed as finished goods inventory.

5. Prepare a schedule of unfinished jobs as of April 30, 20Y4.

Waddell Equipment Company
Schedule of Unfinished Jobs
For the Month of April 30, 20Y4
Job	Direct Materials	Direct Labor	Factory Overhead	Total
No. 404	$fill in the blank eb6a88faf035fb3_1	$fill in the blank eb6a88faf035fb3_2	$fill in the blank eb6a88faf035fb3_3	$fill in the blank eb6a88faf035fb3_4
No. 406	fill in the blank eb6a88faf035fb3_5	fill in the blank eb6a88faf035fb3_6	fill in the blank eb6a88faf035fb3_7	fill in the blank eb6a88faf035fb3_8
Balance of Work in Process, April 30				$fill in the blank eb6a88faf035fb3_9

Feedback

Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.

What account does this schedule support?
Include the direct materials, direct labor, and factory overhead for each job that remained unfinished. Remember that this is listed as work-in-process inventory.

6. Determine the gross profit for April based upon the jobs sold. Ignore the difference between actual and applied factory overhead.

Answer rating: 100% (QA)

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