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, $2,860 b. Materials requisitioned and factory labor used Job 301 302 303 304 305 306 For general factory use Materials Factory Labor $3,380 4,120 2,740 9,260 5,880 4,290 1,150 $2,940 3,970 1,940 7,290 5,560 3,530 4,350 C. Factory overhead costs incurred on account, $6,460 d. Depreciation of machinery and equipment, $2,090 e. The factory overhead rate is $55 per machine hour. Machine hours used: Job 301 302 303 304 305 306 Total Machine Hours 18 45 38 36 20 234 f. Jobs completed: 301, 302, 303, and 305 g. Jobs were shipped and customers were billed as follows: Job 301, $8,770; Job 302, $12,680; Job 303, $19,630 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. 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 Accounts Payable Cash Factory Overhead Finished Goods Materials Work in Process C. 2. Post the appopriate 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 in process account. Tybee Industries Inc. Schedule of Unfinished Jobs Direct Factory Job Direct Labor Total Materials Overhead 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 Direct Factory Job Direct Labor Total Materials Overhead