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, $1,840.
2. Materials requisitioned and factory labor used:

   Job	Materials		Factory Labor
   301	$2,610		$2,950
   302	3,180		3,980
   303	2,110		1,950
   304	7,150		7,320
   305	4,540		5,580
   306	3,310		3,540
   For general factory use	890		4,370

3. Factory overhead costs incurred on account, $4,990.
4. Depreciation of machinery and equipment, $2,090.
5. The factory overhead rate is $35 per machine hour. Machine hours used:

   Job	Machine Hours
   301		32
   302		33
   303		22
   304		69
   305		42
   306		39
   Total		237

6. Jobs completed: 301, 302, 303, and 305.
7. Jobs were shipped and customers were billed as follows: Job 301, $8,020; Job 302, $9,980; Job 303, $14,010.

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.	Materials	fill in the blank 2
	Accounts Payable		fill in the blank 4
b.	Work in Process	fill in the blank 6	fill in the blank 7
	Factory Overhead	fill in the blank 9	fill in the blank 10
	Materials	fill in the blank 12	fill in the blank 13
	Wages Payable	fill in the blank 15	fill in the blank 16
c.	Factory Overhead	fill in the blank 18
	Accounts Payable		fill in the blank 20
d.	Factory Overhead	fill in the blank 22
	Accumulated Depreciation-Machinery and Equipment		fill in the blank 24
e.	Work in Process	fill in the blank 26
	Factory Overhead		fill in the blank 28
f.	Finished Goods	fill in the blank 30
	Work in Process		fill in the blank 32
g.	Accounts Receivable	fill in the blank 34
	Sales		fill in the blank 36
	Cost of Goods Sold	fill in the blank 38
	Finished Goods		fill in the blank 40

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)	fill in the blank 42	(f)	fill in the blank 44
(e)	fill in the blank 46
Bal.	fill in the blank 47

Finished Goods
(a)	fill in the blank 49	(b)	fill in the blank 51
Bal.	fill in the blank 52

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
	$	fill in the blank 54	$	fill in the blank 55	$	fill in the blank 56	$	fill in the blank 57
		fill in the blank 59		fill in the blank 60		fill in the blank 61		fill in the blank 62
Balance of Work in Process, January 30							$	fill in the blank 63

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
	$	fill in the blank 65	$	fill in the blank 66	$	fill in the blank 67	$	fill in the blank 68