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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
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:
- Materials purchased on account, $1,890.
- Materials requisitioned and factory labor used:
Job Materials Factory Labor 301 $2,880 $2,200 302 3,510 2,970 303 2,330 1,450 304 7,890 5,460 305 5,010 4,160 306 3,660 2,640 For general factory use 980 3,260 - Factory overhead costs incurred on account, $5,500.
- Depreciation of machinery and equipment, $1,560.
- The factory overhead rate is $40 per machine hour. Machine hours used:
Job Machine Hours 301 22 302 34 303 30 304 72 305 25 306 24 Total 207 - Jobs completed: 301, 302, 303, and 305.
- Jobs were shipped and customers were billed as follows: Job 301, $7,150; Job 302, $9,410; Job 303, $14,440.
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 Credit Debit 1,890 a. Materials Accounts Payable 1,890 b. Work in Process Factory Overhead Materials Wages Payable Factory Overhead Accounts Payable d. Factory Overhead Accumulated Depreciation-Machinery and Equipment Work in Process Factory Overhead Finished Goods Work in Process g. Accounts Receivable Sales Cost of Goods Sold Finished Goods
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