Financial and Managerial Accounting: P10-2A Staircase Equipment Company uses a job order cost system

Financial and Managerial Accounting

P10-2A Entries and Schedules for Unfinished Jobs and Completed Jobs
Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2010, the first month of operations: \
a. Materials purchased on account, $23,400.
b. Materials requisitioned and factory labor used:
Job Materials Factory Labor
No. 201 2,350 2,200
No. 202 2,875 2,970
No. 203 1,900 1,490
No. 204 6,450 5,460
No. 205 4,100 4,150
No. 206 2,980 2,650
For general factory use 860 3,250
c. Factory overhead costs incurred on account, $4,500.
d. Depreciation of machinery and equipment, $1,560.
e. The factory overhead rate is $50. per machine hour. Machine hours used:
Job Machine Hours
No. 201 18
No. 202 30
No. 203 24
No. 204 75
No. 205 33
No. 206 20
200
f. Jobs completed: 201, 202, 203, and 205.
g. Jobs were shipped and customers were billed as follows: Job201, $6,540; Job 202, $8,820; Job 203, $11,880.

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 memo 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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