Entries and schedules for unfinished jobs and completes jobs

Industrial Fittings Inc. uses a job order cost system. The following
data summarize the operations related to production for June, 2003, the
first month of operations:

Materials purchased on account, $150,500

Materials requisitioned and factory labor used:

Job Materials Factory Labor

No.601 $32,400 $19,300

No.602 18,500 14,200

No.603 21,300 15,200

No.604 10,400 8,900

No.605 15,200 11,300

No.606 28,400 17,500

For general factory use 5,300 32,400

Factory overhead costs incurred on account $27,500

Depreciation of machinery and equipment $5,100

The factory overhead is $50 per machine hour. Machine hours used:

Job Machine Hours

No.601 320

No.602 205

No.603 225

No.604 150

No.605 180

No.606 300

Total 1,380

Jobs completed: 601,602,603,and 605

Jobs were shipped and customers were billed as follows: Job 601,$83,200;


Job 602, 54,200; Job 605, $49,100

Instructions

Journalize the entries to record the summarized operations.

Post the appropriate entries to T accounts for Work in Process and
Finished Goods, using the identifying letters as dates. Insert
memorandum account balances as of the end of the month.

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

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