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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: a. Materials purchased on account, $3,340. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $5,140. d. Depreciation of machinery and equipment, $1,880. e. The factory overhead rate is $60 per machine hour. Machine hours used: f. Jobs completed: 301,302,303, and 305 . g. Jobs were shipped and customers were billed as follows: Job 301, \$8,570; Job 302, \$10,820; Job 303, $16,970. 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. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account
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