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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, $$30,540.$

Materials requisitioned and factory labor used:

Job Materials Factory Labor

$301$ $$3,080$ $$1,930$

$3023,7602,610$

$3032,4901,270$

$3048,4404,790$

$3055,3603,650$

$3063,9102,320$

For general factory use $1,0502,860$

Factory overhead costs incurred on account, $$5,880.$

Depreciation of factory machinery and equipment, $$1,370.$

The factory overhead rate is $$40$ per machine hour. Machine hours used:

Job Machine Hours

$30138$

$30243$

$30317$

$30472$

$30523$

$30639$

Total $232$

Jobs completed: $301,302,303,$ and $305.$

Jobs were shipped and customers were billed as follows: Job $301,$ $$7,840$; Job $302,$ $$9,710$; Job $303,$ $$12,880.$

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 $82$

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