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 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.

Job No. Machine Hours
101 23
102 43
103 37
104 65
105 32
106 35
Total 235

f. Jobs completed: 101, 102, 103, and 105.
g. Jobs were shipped and customers were billed as follows: Job 101, $7,640; Job 102, $10,810; Job 105, $16,490.

Required:

1. Journalize the entries to record the summarized operations.
2. Post the appropriate entries to T-accounts for Work in Process and Finished Goods.
3. Prepare a schedule of unfinished jobs to support the balance in the Work in Process account.
4. Prepare a schedule of finished jobs to support the balance in the Finished Goods account.

raw materials 147,000 debit

   account payable    147,000 credit

WIP-inventory       130,110  debit

Factory Overhead  9,000 debit

       raw materials                  139,110 credit

WIP-inventory      132,380 debit

Factory Overhead  20,160 debit

      Wages Payable           152,540 credit

Factory overhead  6,000 debit

  Account Payable     6,000 credit

Factory Overhead 4,100 debit

  Acc Dep machinery    4,100 credit

WIP-inventory      9,400 debit

  Factory Overehad            9,400 credit

Finished Goods 233,790 debit

  WIP-Inventory      233,790 credit

Cost of Good Sold 127,570 debit

    Finished Good Invnetory   127,570 credit

account receivables 34,940 debit

            sales revenue    34,940 credit

Cost of GoodSold 29,860 debit

     Factory Overhead   29,860 credit

Explanation:

MaterialsLabor  OverheadTotal

101       1932019500  92039740

102       2310028140  172052960

103        1344014000  148028920

104      3820036500260077300

105       1805015540   128034870

106       1800018700140038100

Total    130110     1323809400271890

Completed 101 + 102 + 103 + 105

Total finished good:  233,790

Applied overhead calculations:

235 hours x $40 = 9,400

COst of Good Sold

101 + 102 + 105

Total cost: 127,570

Sales Revenues

7,640 + 10,810 + 16,490 = 34,940

Overhead T account

DEBIT              CREDIT

9,000

20,160

6,000

4,100

                          9,400

29860  UNDERAPPLIED

we must increase it against Cost of Good Sold

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