i have pictures of everything that is needed or will help with the solution.
Instructions 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, $29,800. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $ 2,960 $2.775 302 3,620 3,750 303 2.400 1,875 304 8.100 6,860 305 5,100 5,250 306 3,750 3,340 .For general factory use 1,080 4,100 c. Factory overhead costs incurred on account, $5,500 d. Depreciation of machinery and equipment, $1,980, e. The factory overhead rate is $54 per machine hour. Machine hours used: Job Machine Hours 301 25 302 36 303 30 304 72 305 40 306 -- 25 Total 228 f. Jobs completed: 301, 302, 303 and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, S11.200, Job 303, $15,000 Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-t) as an individual entry on January 31, Record item gas 2 entries. Refer to the Chart of Accounts for exact wording of account titles 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. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account *Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. CHART OF ACCOUNTS Tybee Industries Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 133 Factory Overhead 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 134 Finished Goods 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 143 Prepaid Expenses 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation Machinery and Equipment LIABILITIES LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Amount Descriptions Amount Descriptions Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 JOURNAL PICE 10 DATE ACCOUNTING EQUATION DESCRIPTION POST. REF DEBIT CREDIT ASSETS LILITIES EQUITY 2 3 10 11 12 11 14 15 18 10 T Accounts Shaded cells have feedback 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 e Bal Finished Goods 9 Bal Schedule of Unfinished Jobs Shaded calls have feedback 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries Question not attempted. Tybee Industries Inc Score: 0/48 Schedule of Unfinished Jobs 1 Job Direct Materials Direct Labor Factory Overhead Total 2 3 4 Balance of Work in Process, January 30 Schedule of Completed Jobs Shaded cells have feedback 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the Ist of Amount Descriptions list for the exact wording of the answer choices for text entries. Question not attempted. Score: 0/22 Tybee Industries Inc Schedule of Completed Jobs 1 Job Direct Materials Direct Labor Factory Overhead Total 2
