entries and schedules for unfinished jobs and completed job 408161

Aug 29, 2021 | Uncategorized

Entries and Schedules for Unfinished Jobs and Completed Jobs

Staircase Equipment Company uses ajob order cost system. The following data summarize the operations related to production for April 2012, the first month of operations:

  1. Materials purchased on account, $2,340.
  2. Materials requisitioned and factory labor used:
    Job Materials Factory Labor
    No. 301 $3,220 $2,950
    No. 302 3,930 3,980
    No. 303 2,610 1,950
    No. 304 8,820 7,320
    No. 305 5,600 5,580
    No. 306 4,090 3,540
    For general factory use 1,090 4,370

  3. Factory overhead costs incurred on account, $6,150.
  4. Depreciation of machinery and equipment, $2,090.
  5. The factory overhead rate is $70 per machine hour. Machine hours used:
    Job Machine Hours
    No. 301 30
    No. 302 31
    No. 303 22
    No. 304 81
    No. 305 29
    No. 306 42
    Total 235

  6. Jobs completed: 301, 302, 303, and 305.
  7. Jobs were shipped and customers were billed as follows: Job 301, $9,920; Job 302, $12,100; Job 303, $17,690.

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”.

Entries Description Debit Credit
a.
b.
c.
d.
e.
f.
g.

2. On your own paper, post the appropriate entries to T accounts for Work in Process and Finished Goods. Then, give the following balances:

Work in Process $
Finished Goods $

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

Schedule of Unfinished Jobs
Job Direct Materials Direct Labor Factory Overhead Total
$ $ $ $
Balance of Work in Process, April 30 $

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

Schedule of Completed Jobs
Job Direct Materials Direct Labor Factory Overhead Total
$ $ $ $