Question: An expert commented need time, not sure what that means. This is all the info of the problem. Entries and Schedules for Unfinished Jobs and

 An expert commented need time, not sure what that means. This

is all the info of the problem. 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: a. Materials purchased on account, $2,330. b. Materials

requisitioned and factory labor used: Job No. Materials Factory Labor $2,300 $2,230

An expert commented need time, not sure what that means. This is all the info of the problem.

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: a. Materials purchased on account, $2,330. b. Materials requisitioned and factory labor used: Job No. Materials Factory Labor $2,300 $2,230 2,720 3,110 1,810 1,520 101 102 103 104 105 106 6,110 5,700 3,880 4,350 2,760 2,830 760 For general factory use 3,400 c. Factory overhead costs incurred on account, $4,260. d. Depreciation of machinery and equipment, $1,630. e. The factory overhead rate is $60 per machine hour. Machine hours used: Machine Hours Job No. 101 102 105 106 Total 220 f. Jobs completed: 101, 102, 103, and 105. g. Jobs were shipped and customers were billed as follows: Job 101, $7,810; Job 102, $9,440; Job 105, $12,620. Description Credit Entries Materials Debit 2,330 Accounts Payable 2,330 Ib. Work in Process Factory Overhead Materials Wages Payable c. Factory Overhead Accounts Payable Factory Overhead Accumulated Depreciation-Machinery and Equipment e. Work in Process Factory Overhead Finished Goods Work in Process g. Sale Accounts Receivable Sales Cost of Goods Sold Cost Finished Goods 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 (f) (b) (e) Bal. Finished Goods (9) (1) Bal. Hildreth Company Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total No. 104 $ 5 No. 106 Balance of Work in Process, April 30 Hildreth Company Schedule of Completed Jobs Job Direct Materials Factory Direct Labore Overhead Total Finished Goods, April 30 (Job 103) $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!