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: Materials Factory Labor Job 301 $2,960 $2,775 3,750 3,620 302 303 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: CHART OF ACCOUNTS Tybee Industrles Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Recelvable 126 Interest Receivable EXPENSES 510 Cost of Goods Sold 131 Materials 520 Wages Expense 132 Work in Process 531 Selling Expenses 133 Factory Overhead 532 Insurance Expense 134 Finished Goods 533 Utilities Expense 141 Supplies 534 Office Supplies Expense 142 Prepaid Insurance 540 Administrative Expenses 143 Prepaid Expenses hart of Accounts 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense 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 Eanings 351 Dividends Entries and schedules for unfinished jobs and completed jobs Amount Descriptions Journal Instructions Chart of Accounts Jounal 1. Jounalize the entries to record the summarized operations. Record each item (tems a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of acoount titles PAGE 10 ACCOUNTING EQUATION JOURNAL LIABILITIES EQUITY ASSETS CREDIT DEBIT DESCRIPTION POST, REF DATE Entries and schedules for unflinished jobs and completed jobs Journal Amount Descriptions Instructions Chart of Accounts Jounal 7 10 12 16 T Accounts 2 Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identitying letters as transaction codes. Insert memo account balances as of the end of the month. Work in Process Bal. Finished Goods Bal. Instructions Chart of Accounts Amount Descriptions Journal Schedule of Unfinished Jobs 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. Tybee Industries Inc. Schedule of Unfinished Jobs Direct Labor Factory Overhead Job Direct Materials Total 2 3 Balance of Work in Process, lanuary 30 Entries and schedules for unfinished jobs and completed jobs Instructions Amount Descriptions Chart of Accounts Journal Schedule of Unfinished Jobs Schedule of Completed Jobs 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 list for the exact wording of the answer choices for text entries. Tybee Industries Inc. Schedule of Completed Jobs Direct Labor Factory Overhead Total Direct Materials Job Instructions 300 S750 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 30 303 304 72 40 305 25 306 Total 228 Instructions 305 40 306 25 Total 228 f. Jobs completed: 301, 302, 303 and 305. g Jobs were shipped and customers were billed as follows: Job 301, S8,250: Job 302, $11.200 Job 303, $15,000. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-) as an individual entry on January 31. Record tem g as 2 entries. Refer to the Chart of Accounts for exact wording of account tities 2 Post the appropriate entries to Taccounts for Work in Process and Finished Goods, using the ldentifying letters as transaction codes insert memo account balances as of the end of the month 3 Propare 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. TReler to the isr of Amount Descriptions for the exact Wording of the answer choices for text entries
