Question
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:
- Materials purchased on account, $3,330.
- Materials requisitioned and factory labor used:
Job Materials Factory Labor 301 $2,200 $1,830 302 2,680 2,470 303 1,780 1,210 304 6,030 4,540 305 3,830 3,460 306 2,790 2,200 For general factory use 750 2,710 - Factory overhead costs incurred on account, $4,200.
- Depreciation of machinery and equipment, $1,300.
- The factory overhead rate is $40 per machine hour. Machine hours used:
Job Machine Hours 301 15 302 37 303 16 304 74 305 22 306 37 Total 201 - Jobs completed: 301, 302, 303, and 305.
- Jobs were shipped and customers were billed as follows: Job 301, $5,560; Job 302, $7,960; Job 303, $10,530.
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 | |||
---|---|---|---|
Bal. |
Finished Goods | |||
---|---|---|---|
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 | ||||
$ | $ | $ | $ | |||||
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 | ||||
$ | $ | $ | $ |
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