Entries and Schedules for Unfinished Jobs and Completed Jobs
Staircase Equipment Company uses a job order cost system. Thefollowing data summarize the operations related to production forApril 2014, the first month of operations:
Materials purchased on account, $1,940.
Materials requisitioned and factory labor used:
Job Materials FactoryLabor No. 301 $2,280 $3,100 No. 302 2,780 4,190 No. 303 1,850 2,050 No. 304 6,250 7,690 No. 305 3,970 5,860 No. 306 2,900 3,720 For general factory use 780 4,590
Factory overhead costs incurred on account, $4,350.
Depreciation of machinery and equipment, $2,200.
The factory overhead rate is $60 per machine hour. Machine hoursused:
Job MachineHours No. 301 36 No. 302 45 No. 303 44 No. 304 69 No. 305 16 No. 306 33 Total 243
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301,$9,050; Job 302, $11,600; Job 303, $18,970.
Post the appropriate entries to T accounts for Work in Processand Finished Goods, using the identifying letters as transactioncodes. Insert memo account balances as of the end of the month.
Workin Process Select(a)(b)(c)(d)(f)(g)Item 41 Select(a)(b)(c)(d)(e)(f)(g)Item 43 Select(a)(c)(d)(e)(f)(g)Item 45 Bal.
Finished Goods Select(a)(b)(c)(d)(e)(f)(g)Item 48 Select(a)(b)(c)(d)(e)(f)(g)Item 50 Bal.
Entries and Schedules for Unfinished Jobs and Completed Jobs
Staircase Equipment Company uses a job order cost system. Thefollowing data summarize the operations related to production forApril 2014, the first month of operations:
Materials purchased on account, $1,940.
Materials requisitioned and factory labor used:
| Job | Materials | FactoryLabor | ||
| No. 301 | $2,280 | $3,100 | ||
| No. 302 | 2,780 | 4,190 | ||
| No. 303 | 1,850 | 2,050 | ||
| No. 304 | 6,250 | 7,690 | ||
| No. 305 | 3,970 | 5,860 | ||
| No. 306 | 2,900 | 3,720 | ||
| For general factory use | 780 | 4,590 | ||
Factory overhead costs incurred on account, $4,350.
Depreciation of machinery and equipment, $2,200.
The factory overhead rate is $60 per machine hour. Machine hoursused:
| Job | MachineHours | |
| No. 301 | 36 | |
| No. 302 | 45 | |
| No. 303 | 44 | |
| No. 304 | 69 | |
| No. 305 | 16 | |
| No. 306 | 33 | |
| Total | 243 | |
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301,$9,050; Job 302, $11,600; Job 303, $18,970.
Post the appropriate entries to T accounts for Work in Processand Finished Goods, using the identifying letters as transactioncodes. Insert memo account balances as of the end of the month.
| Workin Process | |||
|---|---|---|---|
| Select(a)(b)(c)(d)(f)(g)Item 41 | Select(a)(b)(c)(d)(e)(f)(g)Item 43 | ||
| Select(a)(c)(d)(e)(f)(g)Item 45 | |||
| Bal. | |||
| Finished Goods | |||
|---|---|---|---|
| Select(a)(b)(c)(d)(e)(f)(g)Item 48 | Select(a)(b)(c)(d)(e)(f)(g)Item 50 | ||
| Bal. | |||
Related questions
Entries and Schedules for Unfinished Jobs and Completed Jobs
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations:
Materials purchased on account, $1,870.
Materials requisitioned and factory labor used:
| Job | Materials | Factory Labor | ||
| 301 | $2,300 | $2,400 | ||
| 302 | 2,810 | 3,240 | ||
| 303 | 1,860 | 1,580 | ||
| 304 | 6,300 | 5,950 | ||
| 305 | 4,000 | 4,540 | ||
| 306 | 2,920 | 2,880 | ||
| For general factory use | 780 | 3,550 | ||
Factory overhead costs incurred on account, $4,390.
Depreciation of machinery and equipment, $1,700.
The factory overhead rate is $40 per machine hour. Machine hours used:
| Job | Machine Hours | ||
| 301 | 36 | ||
| 302 | 15 | ||
| 303 | 42 | ||
| 304 | 74 | ||
| 305 | 38 | ||
| 306 | 41 | ||
| Total | 246 | ||
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $7,370; Job 302, $7,980; Job 303, $14,850.
Required:
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.
| Entries | Description | Debit | Credit |
|---|---|---|---|
| a. | Materials | ||
| Accounts Payable | |||
| b. | Work in Process | ||
| Factory Overhead | |||
| c. | Factory Overhead | ||
| Accounts Payable | |||
| d. | Factory Overhead | ||
| Accumulated Depreciation-Machinery and Equipment | |||
| e. | Work in Process | ||
| Factory Overhead | |||
| f. | Finished Goods | ||
| Work in Process | |||
| g. | Accounts Receivable | ||
| Sales | |||
| Cost of Goods Sold | |||
| Finished Goods |
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.
| Work in Process | |||
|---|---|---|---|
| (b) | (f) | ||
| (e) | |||
| Bal. | |||
| Finished Goods | |||
|---|---|---|---|
| (f) | (g) | ||
| Bal. | |||
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
| Tybee Industries Inc. Schedule of Unfinished Jobs | ||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| No. 304 | $ | $ | $ | $ | ||||
| No. 306 | ||||||||
| Balance of Work in Process, January 30 | $ | |||||||
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
| Tybee Industries Inc. Schedule of Completed Jobs | ||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| Finished Goods, January 30 (Job 305) | $ | $ | ||||||
Kurtz Fencing Inc. uses a job order cost system. The followingdata summarize the operations related to production for March, thefirst month of operations:
| a. Materials purchased on account,$28,610. | |
| b. Materials requisitioned andfactory labor used: |
| Job | Materials | Factory Labor |
|---|---|---|
| 301 | $2,810 | $2,640 |
| 302 | 3,710 | 3,920 |
| 303 | 2,340 | 1,910 |
| 304 | 8,210 | 7,110 |
| 305 | 5,360 | 5,270 |
| 306 | 3,780 | 3,390 |
| For general factory use | 1,060 | 4,040 |
| c. Factory overhead costs incurredon account, $5,710. | |
| d. Depreciation of machinery andequipment, $1,910. | |
| e. The factory overhead rate is $55per machine hour. Machine hours used: |
| Job | Machine Hours |
| 301 | 24 |
| 302 | 36 |
| 303 | 29 |
| 304 | 73 |
| 305 | 41 |
| 306 | 24 |
| Total | 227 |
| f. Jobs completed: 301, 302, 303and 305. | |
| g. Jobs were shipped and customerswere billed as follows: Job 301, $8,520; Job 302, $10,770; Job 303,$15,650. |
| Required: | |||
| 1. | Journalize the entries torecord the summarized operations. Record each item (items a-f) asan individual entry on March 31. Record item g as 2 entries. Referto the Chart of Accounts for exact wording of accounttitles. | ||
| 2. | Post the appropriate entries toT accounts for Work in Process and Finished Goods, using theidentifying letters as transaction codes. Insert memo accountbalances as of the end of the month. For grading purposes entertransactions in alphabetical order. Determine the correct endingbalance. The ending balance label is provided on the left side ofthe T account even when the ending balance is a credit. The unusedcell on the balance line should be left blank. | ||
| 3. | Prepare a schedule ofunfinished jobs to support the balance in the work in processaccount.* | ||
| 4. | Prepare a schedule of completedjobs on hand to support the balance in the finished goodsaccount.*
|
Chart of Accounts
| CHARTOF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KurtzFencing Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Descriptions
| AmountDescriptions | |
| Balance of Work in Process, January30 | |
| Finished Goods, January 30 (Job305) | |
| Job No. 301 | |
| Job No. 302 | |
| Job No. 303 | |
| Job No. 304 | |
| Job No. 305 | |
| Job No. 306 |
Journal
Shaded cells have feedback.
1. Journalize the entries to record the summarized operations.Record each item (items a-f) as an individual entry on March 31.Record item g as 2 entries. Refer to the Chart of Accounts forexact wording of account titles.
All transactions on this page must be entered (except for postref(s)) before you will receive Check My Work feedback.
PAGE 10
JOURNAL
Score: 117/225
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Materials are recorded in the Materials Inventory account untilrequisitioned.
All direct costs: materials and labor are recorded in the Workin Process account.
All indirect costs are considered as overhead and are recordedin the Factory Overhead account.
Overhead is applied to Work in Process using a predeterminedoverhead rate.
The cost of completed jobs should be moved to the Finished Goodsaccount.
The cost of sold jobs should be moved to the Cost of Goods Soldaccount.
T Accounts
Shaded cells have feedback.
2. Post the appropriate entries to T accounts for Work inProcess and Finished Goods, using the identifying letters astransaction codes. Insert memo account balances as of the end ofthe month. For grading purposes enter transactions in alphabeticalorder. Determine the correct ending balance. The ending balancelabel is provided on the left side of the T account even when theending balance is a credit. The unused cell on the balance lineshould be left blank.
| Work in Process | |||
| b | f | ||
| e | |||
| Bal. | |||
| Finished Goods | |||
| f | g | ||
| Bal. | |||
Points:
6 / 12
Feedback
Check My Work
Post entries to the Work in Process T account and to theFinished Goods T account.
Schedule of Unfinished Jobs
Shaded cells have feedback.
3. Prepare a schedule of unfinished jobs to support the balancein the work in process account. Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.
Question not attempted.
Score: 0/51
Kurtz Fencing Inc. |
Schedule of Unfinished Jobs |
1 | Job | Direct Materials | Direct Labor | Factory Overhead | Total |
2 | |||||
3 | |||||
4 |
Points:
0 / 12
Feedback
Check My Work
Include the direct materials, direct labor, and factory overheadfor each unfinished job.
Schedule of Completed Jobs
Shaded cells have feedback.
4. Prepare a schedule of completed jobs on hand to support thebalance in the finished goods account. Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.
Kurtz Fencing Inc. |
Schedule of Completed Jobs |
1 | Job | Direct Materials | Direct Labor | Factory Overhead | Total |
2 |
