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, $3,070. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,200 $1,880 302 3,900 2,540 303 2,590 1,240 304 8,770 4,660 305 5,570 3,550 306 4,060 2,260 For general factory use 1,090 2,780 c. Factory overhead costs incurred on account, $5,110. d. Depreciation of machinery and equipment, $1,330. e. The factory overhead rate is $50 per machine hour. Machine hours used: Job Machine Hours 301 28 302 32 303 33 304 65 305 18 306 21 Job Machine Hours 301 28 302 32 303 33 304 65 305 18 21 306 Total 197 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, 58,110; Job 302, $10,030; Job 303, 516,850. 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 b. Entries Description Debit Credit d. 9. 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 process account. Tybee Industries Inc. Schedule of Unfinished Jobs Direct Job Direct Labor Factory Overhead Total Materials 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 S 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 S