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, $1,870 Materials requisitioned and factory labor used Job Materials Factory Labor 301 $2,300 $2,400 302 2,810 3,240 303 1,860 1,580 304 6,300 5,950 305 4,000 4,540 306 2,920 2,880 For general factory use 780 3,550 Factory overhead costs incurred on account, $4,390 Depreciation of machinery and equipment, $1,700 The factory overhead rate is $40 per machine hour Machine hours used Job Machine Hours 301 36 302 15 303 42 304 74 305 38 306 41 Total 246 Jobs completed 301, 302, 303, and 305 Jobs were shipped and customers were billed as follows Job 301, $7,370 Job 302, $7,980 Job 303, $14,850 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 a Materials Accounts Payable b Work in Process Factory Overhead c Factory Overhead Accounts Payable d Factory Overhead Accumulated Depreciation Machinery and Equipment e Work in Process Factory Overhead f 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) (f) (e) Bal Finished Goods (f) (g) 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) $ $

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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, $1,870.

Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$2,300	$2,400
302	2,810	3,240
303	1,860	1,580
304	6,300	5,950
305	4,000	4,540
306	2,920	2,880
For general factory use	780	3,550

Factory overhead costs incurred on account, $4,390.

Depreciation of machinery and equipment, $1,700.

The factory overhead rate is $40 per machine hour. Machine hours used:

Job	Machine Hours
301		36
302		15
303		42
304		74
305		38
306		41
Total		246

Jobs completed: 301, 302, 303, and 305.

Jobs were shipped and customers were billed as follows: Job 301, $7,370; Job 302, $7,980; Job 303, $14,850.

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
a.	Materials
	Accounts Payable

b.	Work in Process
	Factory Overhead



c.	Factory Overhead
	Accounts Payable

d.	Factory Overhead
	Accumulated Depreciation-Machinery and Equipment

e.	Work in Process
	Factory Overhead

f.	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.