Entries and Schedules for Unfinished Jobs and Completed Jobs Sinatra Industries, Inc. uses a job order cost system. The following data summarize the operations related to production for June 2012, the first month of operations: Materials purchased on account, $32,760. Materials requisitioned and factory labor used: Factory overhead costs incurred on account, $6,300. Depreciation of machinery and equipment, $2,200. The factory overhead rate is $58 per machine hour. Machine hours used: Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $9,150; Job 302, $12,350; Job 303, $16,600. 1. Journalize the entries to record the summarized operations.
For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0". Entries Description Debit Credit a. b. c. d. e. f. g. Sale g. Cost 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month. Work in Process Bal. Finished Goods Bal. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total $ $ $ $ Balance of Work in Process, June 30 $ 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total $ $ $ $