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, $3,090. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $1,950 $3,010 302 2,380 4,060 303 1,580 1,990 304 5,340 7,460 305 3,390 5,690 3,610 306 2,480 For general factory use 660 4,450 C. Factory overhead costs incurred on account, $3,720. d. Depreciation of machinery and equipment, $2,140. e. The factory overhead rate is $45 per machine hour. Machine hours used: Machine Hours 304 305 306 Total 227 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,520; Job 302, $9,940; Job 303, $14,920. ) 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 Accounts Payable Work in Process Factory Overhead Materials Wages Payable Factory Overhead Accounts Payable d. Factory Overhead Accumulated Depreciation-Machinery and Equipment Je. Work in Process Factory Overhead Finished Goods Work in Process g. Accounts Receivable Sales Cost of Goods Sold Finished Goods 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) (e) Bal. Finished Goods (9) 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 No. 304 $ $ $ $ No. 306 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 Finished Goods, January 30 (Job 305) $