ok Calculator Instructions a. Materials purchased on account, $29,80. b. Materials requisitioned and factory labor used Materials Factory Labor Job 301 302 303 304 305 306 For general factory use $2,960 $2,775 3,620 2,400 8,100 5,100 3,7503,340 3,750 6,860 5,250 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: tecay cte4 e. The factory overhead rate is $54 per machine hour Machine hours used Job Machine Hours 301 302 303 304 305 25 36 30 72 40 30625 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 ASSETS REVENUE 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 1 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment710 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 Earnings 351 Dividends 390 Income Summary 489 LIABILITIES 210 Accounts Payable 221 Utlities 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 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 purmalize the entries to record tho summarized operations. rt of Accounts for exact wording of account titles Record each tem (items a-t) as an individual entry on January 31. Record item g as 2 entries. R JOURNAL ACCOUNTING EQUA POST REF DEBIT CREDIT ASSETS LIABILITIES T Accounts 2 Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identying letters as transaction codes. Insert me account balances as of the end of the month. Work in Process Bal. Finished Goods Bal. Instructions Chart of Accounts Amount Descriptions Jour nal T Accounts Schedule of Unfinished Jobs 3. Prepare a schedule of unfinished jobs to support the balanco in the work in process account. Refor to the list of Amount Desoriptions for the exact wording of the answer choices for text entries. Tybee Industries Inc. Schedule ot Untinished Jobs Direc Misteriats Direct labortery Total Job Overhead Balance of Work in Process, January 30 4 ntries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal T Accounts 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 Factory ob Direct Materials Direct Labor Total
