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: 2. Materials purchased on account, $2,000. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $1,800 $3,060 302 2,200 4,130 2,020 303 1,460 4,930 304 7,590 305 3,130 5,780 306 2,290 3,670 For general factory use 610 4,530 c. Factory overhead costs incurred on account, $3,440. d. Depreciation of machinery and equipment, $2,170. e. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 24 302 36 303 28 304 83 305 18 306 26 Total 215 1. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, S7,420; Job 302, 89,970; Job 303, $14,560. 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 Materials 2,000 Accounts Payable 2,000 b. 4,860 X 6,330 X Work in Process Factory Overhead Materials Wages Payable 3,480 X 12,520 X Factory Overhead 3,440 Accounts Payable 3,440 d. Factory Overhead 2,170 Accumulated Depreciation-Machinery and Equipment 2,170 11,825 Work In Process Factory Overhead 11,825 29,410 Finished Goods Work in Process 29,410 31,950 Accounts Receivable Sales 31,950 Cost of Goods Sold 19,510 Finished Goods 19,510 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 (b) 47,200 X (1) 29,410 11,825 Bal. 64,635 X (e) Finished Goods (1) 29,410 (9) 19,510 Bal. 29,410 x 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 No. 304 8,100 X $ 6,860 X $ 4,565 19,525 x No. 306 3,750 X 3,340 X 1,430 8,520 X Balance of Work in Process, January 30 28,045 X 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 Finished Goods, January 30 (Job 305) 3,130 5,780 990 9,900