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, $31,030. b. Materials requisitioned and factory labor used: Job 301 Materials Factory Labor $3,060 $2,710 3,640 3,820 302 303 2,430 1,870 304 8,280 7,010 305 5,340 5,100 306 3,790 3,170 For general factory use 1,060 4,260 c. Factory overhead costs incurred on account, $5,290. d. Depreciation of machinery and equipment, $1,960. e. The factory overhead rate is $52 per machine hour. Machine hours used: Job Machine Hours 301 23 302 37 303 29 304 70 305 40 305 40 306 23 Total 222 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,430; Job 302, $10,960; Job 303, $15,550. Required: 1. Journalize the entries to record the summarized operations. Record each item (items 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 account titles. 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. 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. Journal Shaded cells have fee 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wor account titles. All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback. PAGE 10 JOURNAL Score: 116/225 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DEBIT 31,030,00 1 Jan. 31 Materials t 2 2 Accounts Payable 31,030.00 t 3 Jan. 31 Materials 1 26,540.00 1,060.00 4 Factory Overhead t 5 Jan. 31 27,600.00 6 6 5,290.00 7 Jan. 31 5,290.00 1,960.00 9 Jan. 31 1,960.00 10 11,544.00 11 Jan. 31 11,544.00 12 34,678.00 13 Jan. 31 34,678.00 14 34,940.00 15 Jan. 31 34,940.00 16 22,158.00 17 Jan. 31 22,158.00 18 Points: 22