Entries and schedules for unfinished jobs and completed jobs OBJ. 2 Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations:

a. Materials purchased on account, $29,800.

b. Materials requisitioned and factory labor used:

Job Materials Factory Labor 301 $ 2,960 $2,775 302 3,620 3,750 303 2,400 1,875 304 8,100 6,860 305 5,100 5,250 306 3,750 3,340 For general factory use 1,080 4,100

c. Factory overhead costs incurred on account, $5,500.

d. Depreciation of machinery and equipment, $1,980.

e. The factory overhead rate is $54 per machine hour. Machine hours used:

Job Machine Hours 301 25 302 36 303 30 304 72 305 40 306 25 Total 228

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

g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302,

$11,200; Job 303, $15,000.

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 transaction codes. 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.