Reference no: EM13944038
Entries and Schedules for Unfinished Jobs and Completed Jobs Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations:
a. Materials purchased on account, $2,160.
b. Materials requisitioned and factory labor used: Job Materials Factory Labor No. 301 $2,300 $2,410 No. 302 2,810 3,250 No. 303 1,860 1,590 No. 304 6,300 5,980 No. 305 4,000 4,550 No. 306 2,920 2,890 For general factory use 780 3,570
c. Factory overhead costs incurred on the account, $4,390.
d. Depreciation of machinery and equipment, $1,710.
e. The factory overhead rate is $65 per machine hour. Machine hours used: Job Machine Hours No. 301 29 No. 302 18 No. 303 44 No. 304 78 No. 305 27 No. 306 34 Total 230
f. Jobs completed: 301, 302, 303, and 305.
g. Jobs were shipped and customers were billed as follows:
Job 301, $7,910; Job 302, $8,680; Job 303, $18,300.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
2. Post the appropriate entries to T-accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo accounts 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 goods account.
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