MANAGERIAL ACCT: Job Cost Accounting

PR 19-2A Entries and schedules for unfinished jobs and completed jobs Tybee operations related to production for January, the first month of operations: a. Materials purchased on account, $29,800. OBJ. 2 Industries Inc. uses a job order cost system. The following data summarize the ral b. Materials requisitioned and factory labor used Job 301 302 303 Factory Labor 2,775 3,750 ,875 6,860 5,250 3,340 4,100 $2,960 3,620 8,100 5,100 306 For general factory use 1,080 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 301 302 Machine Hours 25 36 72 306 Total 25 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000. Instructions 1. Journalize the entries to record the summarized operations. 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. PR 19-2A Entries and schedules for unfinished jobs and completed jobs Tybee operations related to production for January, the first month of operations: a. Materials purchased on account, $29,800. OBJ. 2 Industries Inc. uses a job order cost system. The following data summarize the ral b. Materials requisitioned and factory labor used Job 301 302 303 Factory Labor 2,775 3,750 ,875 6,860 5,250 3,340 4,100 $2,960 3,620 8,100 5,100 306 For general factory use 1,080 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 301 302 Machine Hours 25 36 72 306 Total 25 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000. Instructions 1. Journalize the entries to record the summarized operations. 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