Godwin Fixtures Co. uses a job order cost system. The following data summarize the operations related to production for April 2008, the first month of operations:

a. Materials purchased on account, $137,000.

b. Materials requisitioned and factory labor used:

c. Factory overhead costs incurred on account, $4,950.
d. Depreciation of machinery and equipment, $3,700.
e. The factory overhead rate is $53 per machine hour. Machine hours used:
Job Machine Hours
No. 601 ........ 215
No. 602 ........ 230
No. 603 ........ 175
No. 604 ........ 300
No. 605 ........ 198
No. 606 ........ 225
Total ........ 1,343

f. Jobs completed: 601, 602, 603, and 605.
g. Jobs were shipped and customers were billed as follows: Job 601, $72,750; Job 602, $88,780; Job 605, $74,500.

Instructions
1. Journalize the entries to record the summarized operations.
2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memorandum account balances as of the end of the month.
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goodsaccount.

Transcribed Image Text:

Job Materials Factory Labor No. 601 No. 602 No. 603 No. 604 No. 605 No. 606 For general factory use $18,100 20,000 13,050 34,500 15,700 17,800 6,600 $17,000 25,500 9,700 33,550 14,800 18,300 47,000