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:

1. Materials purchased on account, $2,450.
2. Materials requisitioned and factory labor used:

   Job	Materials		Factory Labor
   301	$2,240		$2,480
   302	2,730		3,350
   303	1,810		1,640
   304	6,140		6,150
   305	3,900		4,690
   306	2,840		2,980
   For general factory use	760		3,670

3. Factory overhead costs incurred on account, $4,280.
4. Depreciation of machinery and equipment, $1,760.
5. The factory overhead rate is $60 per machine hour. Machine hours used:

   Job	Machine Hours
   301		26
   302		19
   303		15
   304		83
   305		24
   306		34
   Total		201

6. Jobs completed: 301, 302, 303, and 305.
7. Jobs were shipped and customers were billed as follows: Job 301, $7,540; Job 302, $8,660; Job 303, $12,620.

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
a.
b.
c.
d.
e.
f.
g.

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.

Work in Process
Bal.

Finished Goods
Bal.

3. 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
	$		$		$		$
Balance of Work in Process, January 30							$

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

Tybee Industries Inc. Schedule of Completed Jobs
Job	Direct Materials		Direct Labor		Factory Overhead		Total
	$		$		$		$