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, $2,020 d. Matenals requisitioned and factory tabor used: Job Materials Factory Labor 301 52,600 302 303 3,170 2,110 7,120 4,520 $2,130 2,880 1,410 5,280 304 4,030 305 306 2.560 3,300 880 For general factory use 3,150 c. Factory overhead costs incurred on account, 54,970 d. Depreciation of machinery and equipment, $1,510, e. The factory overhead rate is $per machine hour Machine hours used: Job Machine Hours 301 23 302 38 44 303 304 69 305 27 306 37 Total 238 1. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $7,190; Job 302, 69,770; Job 303, 517,230. 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 2,020 Materials Accounts Payable 2,020 Work in Process Factory Overhead Materials 23,700 Wages Rayable 21,440 4,970 Factory Overhead Accounts Payable 4,970 d. 1,510 Factory Overhead Accumulated Depreciation Machinery and Equipment 1,510 non Work in Process 13,090 Factory Overhead 13,090 Finished Goods 22,850 Work in Process 22,850 X 9. Accounts Receivable 34,190 Sales 34,190 > Cost of Goods Sold 23,700 X Finished Goods 23,700 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Work in Process (b) 13,090 (e) Bal. Finished Goods (0) 34,190 X Bal