1. Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $2,540. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,920 $1,840 302 3,560 2,480 303 2,370 1,210 304 8,000 4,560 305 5,080 3,480 306 3,710 2,210 For general factory use 990 2,720 c. Factory overhead costs incurred on account, $5,580. d. Depreciation of machinery and equipment, $1,310. e. The factory overhead rate is $35 per machine hour. Machine hours used: Job Machine Hours 303 43 302 23 303 32 304 72 305 34 305 18 Total 222 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,520; Job 302, $8,210; Job 303, $13,630. Required: 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. Entries Description Debit Credit Post the appropriate entries to T accounts for Work in Process and Fin- ished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month. Work In Proc Bal Finished Goods Bal Prepare a schedule of unfinished jobs to support the balance in the work in process account. Tybee Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total Batance of Work in process, January 30 Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Tybee Industries Inc. Schedule or completed laba Job Direct Materials Direct Labor Factory Overhead Total End of document