Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 2,100 For general work in the factory .. 2,250 d. Miscellaneous factory overhead costs on account $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to the customer and billed at $39,000. Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process.

Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 2,100 For general work in the factory .. 2,250 d. Miscellaneous factory overhead costs on account $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to the customer and billed at $39,000. Required: 1. Prepare a schedule reflecting the cost of each of the four jobs. 2. Prepare journal entries to record the transactions. 3. Compute the ending balance in Work in Process.

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1WT

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