Reference no: EM132986852

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, $147,000.

B. Materials requisitioned and factory labor used:

Job.              Materials                 Factory labor
101                 19320                    19500
102                 23100                     28140
103              13440                     14000
104                38200                    36500
105               18050                           15540
106                 18000                         18700
for general factory use 9000                      20160

C. Factory overhead costs incurred on account, $6,000.

D. Depreciation of machinery and equipment, $4,100.

E. The factory overhead rate is $40 per machine hour.

Machine hours used:

Job Machine Hours
101 154
102 160
103 126
104 238
105 160
106 174
Total 1012

F. Jobs completed: 101, 102, 103, and 105.

G. Jobs were shipped and customers were billed as follows: Job 101, $62,900; Job 102, $80,700; Job 105, $45,500.

Instructions

Problem 1. Journalize the entries to record the summarized operations.

Problem 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.

Problem 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Problem 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.