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, $2,270. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,050 $2,450 302 3,720 3,310 303 2,470 1,620 304 8,360 6,080 305 5,310 4,630 306 3,870 2,940 For general factory use 1,040 3,630 c. Factory overhead costs incurred on account, $5,830. d. Depreciation of machinery and equipment, $1,740. e. The factory overhead rate is $60 per machine hour. Machine hours used: Job Machine Hours 301 41 302 15 303 19 304 81 305 30 306 22 Total 208 f. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $9,550; Job 302, 59,520; Job 303, $15,170. 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. Materials 2,270 Accounts Payable 2,270 b. Work in Process Factory Overhead Materials Wages Payable c. Factory Overhead Accounts Payable d. Factory Overhead Accumulated Depreciation-Machinery and Equipment e. Work in Process Factory Overhead f. Finished Goods Work in Process 9 Accounts Receivable Sales Cost of Goods Sold Finished Goods 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 (b) (f) (e) Bal. Finished Goods (f) (9) 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 Job Direct Materials Direct Labor Factory Overhead Total No. 304 S S S No. 306 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 Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305) s S