I'm really stuck. I am doing everything my textbook is telling me to do, but 2 of my journal entries are wrong according to the system. I also have no earthly idea what it's asking for with the T accounts.
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, $3,200. b. Materials requisitioned and factory labor used: Job Materials Factory Labor $3,240 $ 301 $3,280 302 4,000 4,370 303 2,660 2,140 304 8,990 8,040 305 5,710 6,120 306 4,170 3,890 For general factory use 1,120 4,800 c. Factory overhead costs incurred on account, $6,260. d. Depreciation of machinery and equipment, $2,300. e. The factory overhead rate is $40 per machine hour. Machine hours used: Job Machine Hours 301 41 302 34 303 33 304 83 305 27 306 33 Total 251 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $9,790; Job 302, $11,680; Job 303, $17,750. 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 3,200 Accounts Payable 3,200 b. 56,610 Work in Process Factory Overhead Materials 5,920 29,930 Wages Payable 32,600 c. Factory Overhead 6,260 Accounts Payable 6,260 d. Factory Overhead 2,300 Accumulated Depreciation-Machinery and Equipment 2,300 Work in Process 10,040 Factory Overhead 10,040 f. Finished Goods 36,740 x Work in Process 36,740 x g. Accounts Receivable 39,220 Sales 39,220 Cost of Goods Sold 23,830 x Finished Goods 23,830 x 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) X X 6,260 X 56,610C) 10,040 (e) Bal. 66,650 X x Finished Goods (1) 36,740 x 9) 39,220 X Bal. 36,740 X 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 $ 8,990 $ 8,040 $ 3,320 $ 20,350 No. 306 4,170 3,890 1,320 9,380 Balance of Work in Process, January 30 29,730 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) $ 5,710 $ 6,120 $ 1,080 $ 12,910
