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, $2,920. b. Materials requisitioned and factory labor used: Job 301 Materials $1,850 2,260 Factory Labor $1,730 2,340 302 303 1,140 4,290 304 1,500 5,070 3,220 2,350 305 306 3,270 2,080 2,560 For general factory use 630 c. Factory overhead costs incurred on account, $3,530, d. Depreciation of machinery and equipment, $1,230. e. The factory overhead rate is $35 per machine hour. Machine hours used: Machine Hours 301 29 302 18 303 Job 33 304 68 305 18 306 15 Job Machine Hours 301 29 18 302 303 33 304 68 305 18 306 15 Total 181 f. Jobs completed: 301, 302, 303, and 30s. 9. Jobs were shipped and customers were billed as follows: Job 301, 85,510; Job 302, 56,280; Job 303, $11,010. 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, Description Debit Credit a. Entries Materials Accounts Payable 2,920 V 2,920 b 16,250 X Work in Process Factory Overhead Materials 630 X 16,880 V Wages Payable 17,410 Materials 16,880 Wages Payable 17,410 Factory Overhead 3,530 Accounts Payable 3,530 d. Factory Overhead 1,230 Accumulated Depreciation-Machinery and Equipment 1,230 Work in Process 6,335 Factory Overhead 6,335 . Finished Goods 21,965 X Work in Process 21,965 X 22,800 Accounts Receivable Sales 22,800 Cost of Goods Sold 13,620 Finished Goods 13,620 2. Post the appropriate entries to 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) 21,965 x (e) Bal 37,435 X 15,470 X Finished Goods 21,965 m) 13,620 Bal 13,620 X 3. Prepare a schedule of unhinished yote to support the balance in the work in process account The Industries Inc Schedule of Unfinished Jobs JO Direct Materials Direct Labo Factory Orhand Total No. 304 5,0705 4,290 2,330 11,740 No. 306 2,350 2.080 525 4,955 Balance of Work in Process, January 30 16,695 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. ybee Industries Inc Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305) 3,220 X 3,270 630 7,120 x
