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Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc uses a job order cost system. The folowing data summarize the operations related

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Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc uses a job order cost system. The folowing data summarize the operations related to production for January, the first month of operations a. Materials purchased on account, $2,070 b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,260 302 $3,360 4,100 2,720 4,400 303 2,150 304 8,080 305 9,210 5,850 4,270 6,150 3,910 306 For general factory use 1,140 4,820 c. Factory overhead costs incurred on account, $6,420, d. Depreciation of machinery and equipment, $2,310 6. The factory overhead rate is $55 per machine hour Machine hours used: Job Machine Hours 301 43 302 25 303 26 304 77 Job Machine Hours 301 302 25 303 26 304 77 305 35 306 Total 245 1. Jobs completed: 301, 302, 303, and 305 9. Jobs were shipped and customers were billed as follows: Job 301, 510,780, Job 302, 511,850, Job 303, 518,270, Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, an amount box does not require an entry, leave it blank. Description Debit Credit Materials 2,070 2,070 Accounts Payable Work in Process Factory Overhead Materials Wages Payable Next Materials Wages Payable Factory Overhead Accounts Payable Factory Overhead Accumulated Depreciation-Machinery and Equipment Work in Process Factory Overhead Finished Goods Work in Process 9 Accounts Receivable Sales Cost of Goods Sold Finished Goods 2. Post the appropriate entries to T accounts for Work In Process and 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 in process account, Tybee Industries Inc. Schedule of Unfinished Jobs Direct Materials Factory Overhead Job Total Direct Labor $ $ 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. 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 Direct Materials Factory Overhead Job Direct Labor Total $ Finished Goods, January 30 (Job 305) $ Feedback Check My Work la & b. Materials are recorded in the Materials Inventory account until requisitioned. All direct costs: materials and labor are recorded in the Work in Process account. All indirect costs are considered overhead and are recorded in the Factory Overhead account. Overhead is applied to Work in Process using a predetermined factory overhead rate. The cost of completed jobs should be moved to the finished Goods account. The cost of sold jobs should be moved to the Cost of Goods Sold account. 2. Post entries to the Work in Process T account and to the Finished Goods T account. 3. Include the direct materials, direct labor, and factory overhead for each unfinished job. 4. Include the direct materials, direct labor, and factory overhead for each finished job

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