godwin fixtures co uses a job order cost system the following data summarize the ope 647618

Godwin Fixtures Co. uses a job order cost system. The following data summarize the operations related to production for April 2008, the first month of operations:

a. Materials purchased on account, $137,000.

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b. Materials requisitioned and factory labor used:

Job

Materials

Factory Labor

No. 601

$18,100

$17,000

No. 602

20,000

25,500

No. 603

13,050

9,700

No. 604

34,500

33,550

No. 605

15,700

14,800

No. 606

17,800

18,300

For general factory use

6,600

47,000

c. Factory overhead costs incurred on account, $4,950.

d. Depreciation of machinery and equipment, $3,700.

e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job

Machine Hours

No. 601

215

No. 602

230

No. 603

175

No. 604

300

No. 605

198

No. 606

225

Total

1,343

f. Jobs completed: 601, 602, 603, and 605.

g. Jobs were shipped and customers were billed as follows: Job 601, $72,750; Job 602, $88,780; Job 605, $74,500.

Instructions

1. Journalize the entries to record the summarized operations.

2. 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.

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

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

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