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, $3,280.

b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$1,810	$3,040
302	2,210	4,100
303	1,470	2,010
304	4,960	7,540
305	3,150	5,750
306	2,300	3,650
For general factory use	620	4,500

c. Factory overhead costs incurred on account, $3,460.

d. Depreciation of machinery and equipment, $2,160.

e. The factory overhead rate is $45 per machine hour. Machine hours used:

Job
301	21
302	21
303	36
304	67
305	32
306	38
Total	215

f. Jobs completed: 301, 302, 303, and 305.

g. Jobs were shipped and customers were billed as follows: Job 301, $6,950; Job 302, $8,710; Job 303, $14,790.

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.

Entries	Description	Debit	Credit
a.
b.
c.
d.
e.
f.
g.

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
Balance
		Finished Goods
Balance

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

		Tybee Industries
		Schedule of unfinished jobs
Job	Direct Materials	Direct Labor	Factory Overhead	Total
Balance of work in progress, 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
Job	Direct Material	Direct Labor	Factory Overhead	Total