Hildreth company uses a job order cost system. the following data summarize the operations related to production for april 2016, the first month of operations:
a. materials purchased on account, $147,000.
b. materials requisitioned and factory labor used:
job no. materials factory labor
101 $19,320 $19,500
102 23,100 28,140
103 13,440 14,000
104 38,200 36,500
105 18,050 15,540
106 18,000 18,700
for general
factory use 9,000 20,160
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 1,012
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.
required:
a. journalize the entries to record the summarized operations. record each item (items a-f) as an individual entry on april 30. record item g as 2 entries on april 30. refer to the chart of accounts for exact wording of account titles.
b. 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.
c. prepare a schedule of unfinished jobs to support the balance in the work in process account.*
d. prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*
* refer to the list of amount descriptions for the exact wording of the answer choices for text entries.