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, $2,820 b. Materials requisitioned and factory labor used: Job 301 302 303 304 305 306 For general factory use Materials $3,240 3,950 2,620 8,880 5,640 4,110 1,100 Factory Labor $1,730 2,340 1,140 4,290 3,270 2,080 2,560 c. Factory overhead costs incurred on account, $6,190 d. Depreciation of machinery and equipment, $1,230 e. The factory overhead rate is $75 per machine hour. Machine hours used Machine Hours Job 301 302 303 304 305 306 Total 45 31 70 25 27 220 g. Jobs were shipped and customers were billed as follows: Job 301, $7,940; Job 302, $11,600; Job 303, $17,650 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 f. Jobs completed: 301, 302, 303, and 305 blank Entries Description Debit Credit 9 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 Bal Finished Goods Bal