Question & Answer: Entries and Schedules for Unfinished Jobs and Cormpleted Jobs Staircase Equipment Company uses a job order cost system. The following data summariz…..

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Entries and Schedules for Unfinished Jobs and Cormpleted Jobs Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations: a. Materials purchased on account, $3,070 b. Materials reguisitioned and factory labor used: Job No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 Materials Factory Labor 53,400 53,060 4,150 4,130 9,320 5,920 4,320 ,160 5,780 70 s, 530

Expert Answer


Jobs		Direct	Direct	overhead	total		Sales
		Materials	labor	applied
301		3,400	3,060	630	7,090	completed	8,510
302		4,150	4,130	980	9,260	completed	11,110
303		2,750	2,020	595	5,365	completed	15,560
304		9,320	7,590	2870	19,780	WIP	35,180
305		5,920	5,780	560	12,260	completed
306		4,320	3,670	1470	9,460	WIP
total		29,860	26,250	7105	63,215


Journal Entries
NO	Accounting title & Explanations				Debit	credit

a.	Raw materials inventory				3,070
	Accounts payable					3,070

b.	Work in process				56,110
	Factory overhead				5,690
	Raw materials inventory					31,020
	Factory payroll					30,780


c.	Factory overhead				6,490
	Accounts payable					6,490

d.	factory overhead				2,170
	Accumulated depreciation					2,170

e	Work in process				7,105
	Factory overhead					7,105

f	finished goods inventory				33,975
	Work in process					33,975
	(7,090+9,260+5,365+12,260)

g)	Accounts receivable				35,180
	Sales					35,180

	Cost of goods sold				21715
	Finished goods inventory					21,715
	(7090+9260+5365)


2)	T-Accounts
	work in process
	b)	56,110	f)	33,975
	e)	7,105
	bal	29,240

	Finished Goods
	f)	33,975	g)	21,715
	bal	12,260


3)	Schedule of unfinished jobs

		Direct	Direct	Factory	total
	job	materials	labor	overhead
	304	9,320	7,590	2870	19,780
	306	4,320	3,670	1470	9,460
	balance of WIP ,April 30				29,240


	Schedule of finished job
		Direct	Direct	Factory	total
	job	materials	labor	overhead
	304	5,920	5,780	560	12,260

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