Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer 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, $22,790. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,260 $3,290 302 2,760 4,440 303 1,830 2,170 304 6,190 8,160 305 3,930 6,220 306 2,870 3,950 For general factory use 770 4,870 Factory overhead costs incurred on account, $4,320. Depreciation of factory machinery and equipment, $2,340. The factory overhead rate is $45 per machine hour. Machine hours used: Job Machine Hours 301 26 302 26 303 31 304 66 305 45 306 22 Total 216 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $8,060; Job 302, $10,040; Job 303, $15,650. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. Entries Description Debit Credit a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 e. fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 f. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 g. fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 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 fill in the blank 56 fill in the blank 58 fill in the blank 60 Bal. fill in the blank 61 Finished Goods fill in the blank 63 fill in the blank 65 Bal. fill in the blank 66 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Kaymer Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total $fill in the blank 68 $fill in the blank 69 $fill in the blank 70 $fill in the blank 71 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 Balance of Work in Process, January 30 $fill in the blank 77 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Kaymer Industries Inc. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $fill in the blank 79 $fill in the blank 80 $fill in the blank 81 $fill in the blank 82

Entries and Schedules for Unfinished Jobs and Completed Jobs Kaymer 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, $22,790. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,260 $3,290 302 2,760 4,440 303 1,830 2,170 304 6,190 8,160 305 3,930 6,220 306 2,870 3,950 For general factory use 770 4,870 Factory overhead costs incurred on account, $4,320. Depreciation of factory machinery and equipment, $2,340. The factory overhead rate is $45 per machine hour. Machine hours used: Job Machine Hours 301 26 302 26 303 31 304 66 305 45 306 22 Total 216 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $8,060; Job 302, $10,040; Job 303, $15,650. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. Entries Description Debit Credit a. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 b. fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 c. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 d. fill in the blank 26 fill in the blank 27 fill in the blank 29 fill in the blank 30 e. fill in the blank 32 fill in the blank 33 fill in the blank 35 fill in the blank 36 f. fill in the blank 38 fill in the blank 39 fill in the blank 41 fill in the blank 42 g. fill in the blank 44 fill in the blank 45 fill in the blank 47 fill in the blank 48 fill in the blank 50 fill in the blank 51 fill in the blank 53 fill in the blank 54 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 fill in the blank 56 fill in the blank 58 fill in the blank 60 Bal. fill in the blank 61 Finished Goods fill in the blank 63 fill in the blank 65 Bal. fill in the blank 66 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Kaymer Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total $fill in the blank 68 $fill in the blank 69 $fill in the blank 70 $fill in the blank 71 fill in the blank 73 fill in the blank 74 fill in the blank 75 fill in the blank 76 Balance of Work in Process, January 30 $fill in the blank 77 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Kaymer Industries Inc. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $fill in the blank 79 $fill in the blank 80 $fill in the blank 81 $fill in the blank 82

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 2PA: Entries and schedules for unfinished jobs and completed jobs Kurtz Fencing Inc. uses a job order...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Entries and Schedules for Unfinished Jobs and Completed Jobs

Kaymer 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, $22,790.

Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$2,260		$3,290
302	2,760		4,440
303	1,830		2,170
304	6,190		8,160
305	3,930		6,220
306	2,870		3,950
For general factory use	770		4,870

Factory overhead costs incurred on account, $4,320.
Depreciation of factory machinery and equipment, $2,340.
The factory overhead rate is $45 per machine hour. Machine hours used:

Job Machine Hours

301 26

302 26

303 31

304 66

305 45

306 22

Total 216
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $8,060; Job 302, $10,040; Job 303, $15,650.

Required:

1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

Entries	Debit	Credit
a.	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6

b.	fill in the blank 8	fill in the blank 9
	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18

c.	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24

d.	fill in the blank 26	fill in the blank 27
	fill in the blank 29	fill in the blank 30

e.	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36

f.	fill in the blank 38	fill in the blank 39
	fill in the blank 41	fill in the blank 42

g.	fill in the blank 44	fill in the blank 45
	fill in the blank 47	fill in the blank 48

	fill in the blank 50	fill in the blank 51
	fill in the blank 53	fill in the blank 54

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
	fill in the blank 56	fill in the blank 58
	fill in the blank 60
Bal.	fill in the blank 61

Finished Goods
	fill in the blank 63		fill in the blank 65
Bal.	fill in the blank 66

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

Kaymer Industries Inc. Schedule of Unfinished Jobs
Job	Direct Materials	Direct Labor	Factory Overhead	Total
		$fill in the blank 68		$fill in the blank 69	$fill in the blank 70	$fill in the blank 71
		fill in the blank 73		fill in the blank 74	fill in the blank 75	fill in the blank 76
Balance of Work in Process, January 30		$fill in the blank 77

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

Kaymer Industries Inc. Schedule of Completed Jobs
Job	Direct Materials	Direct Labor	Factory Overhead	Total
		$fill in the blank 79		$fill in the blank 80		$fill in the blank 81		$fill in the blank 82

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Job	Machine Hours
301		26
302		26
303		31
304		66
305		45
306		22
Total		216