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: Materials purchased on account, $2,340. Materials requisitioned and factory labor used: Job No. Materials Factory Labor 101 $1,830 $2,570 102 2,230 3,470 103 1,480 1,700 104 5,010 6,370 105 3,180 4,860 106 2,320 3,080 For general factory use 620 3,800 Factory overhead costs incurred on account, $3,500. Depreciation of machinery and equipment, $1,820. The factory overhead rate is $50 per machine hour. Machine hours used: Job No. Machine Hours 101 33 102 16 103 27 104 69 105 23 106 31 Total 199 Jobs completed: 101, 102, 103, and 105. Jobs were shipped and customers were billed as follows: Job 101, $7,260; Job 102, $7,800; Job 105, $13,140. Required: 1. Journalize the entries to record the summarized

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.