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Teaching Since:	May 2017
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Argosy University/ Phoniex University/
Nov-2005 - Oct-2011

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Phoniex University
Oct-2001 - Nov-2016

Category > Management Posted 03 Feb 2018 My Price 9.00

Hillman Tool Company

Hillman Tool Company uses a job order cost system. The following data summarize the operations related to production for May 2008, the first month of operations:

a. Materials purchased on account, $9,400.

b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
No. 101	$ 875	$ 750
No. 102	1,275	985
No. 103	660	500
No. 104	2,200	1,765
No. 105	1,300	1,350
No. 106	925	790
For general factory use	270	1,000

c. Factory overhead costs incurred on account, $405.

d. Depreciation of machinery and equipment, $520.

e. The factory overhead rate is $35 per machine hour. Machine hours used:

	Machine
Job	Hours
No. 101	6
No. 102	10
No. 103	8
No. 104	25
No. 105	11
No. 106	7
Total	67

f. Jobs completed: 101, 102, 103, and 105.

g. Jobs were shipped and customers were billed as follows: Job 101, $4,350; Job 102, $4,800; Job 103, $2,350.

Instructions

1. Journalize the entries to record the summarized operations.

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memorandum account balances as of the end of the month.

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

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

Answers

Maurice Tutor

(5)

Status NEW Posted 03 Feb 2018 09:02 PM My Price 9.00

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