1. Question Content Area

   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:

   1. Materials purchased on account, $2,220.
   2. Materials requisitioned and factory labor used:

      Job	Materials		Factory Labor
      301	$1,960		$2,860
      302	2,390		3,860
      303	1,590		1,890
      304	5,370		7,090
      305	3,410		5,410
      306	2,490		3,430
      For general factory use	670		4,230

   3. Factory overhead costs incurred on account, $3,740.
   4. Depreciation of machinery and equipment, $2,030.
   5. The factory overhead rate is $35 per machine hour. Machine hours used:

      Job	Machine Hours
      301		43
      302		20
      303		20
      304		70
      305		23
      306		24
      Total		200

   6. Jobs completed: 301, 302, 303, and 305.
   7. Jobs were shipped and customers were billed as follows: Job 301, $7,590; Job 302, $8,340; Job 303, $12,120.

   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.	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process	fill in the blank 2
   	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process		fill in the blank 4
   b.	Accounts PayableCashCost of Goods SoldMaterialsWages PayableWork in Process	fill in the blank 6	fill in the blank 7
   	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWages Payable	fill in the blank 9	fill in the blank 10
   	Accounts PayableAccounts ReceivableCashFactory OverheadMaterialsWork in Process	fill in the blank 12	fill in the blank 13
   	Accounts PayableCost of Goods SoldFactory OverheadFinished GoodsWork in ProcessWages Payable	fill in the blank 15	fill in the blank 16
   c.	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process	fill in the blank 18
   	Accounts PayableCashCost of Goods SoldFactory OverheadMaterialsWork in Process		fill in the blank 20
   d.	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashCost of Goods SoldFactory OverheadWork in Process	fill in the blank 22
   	Accounts PayableAccumulated Depreciation-Machinery and EquipmentCashFactory OverheadFinished GoodsWork in Process		fill in the blank 24
   e.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process	fill in the blank 26
   	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process		fill in the blank 28
   f.	Accounts PayableAccounts ReceivableCashFactory OverheadFinished GoodsWork in Process	fill in the blank 30
   	Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in Process		fill in the blank 32
   g.	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process	fill in the blank 34
   	Accounts ReceivableCashFactory OverheadFinished GoodsSalesWork in Process		fill in the blank 36
   	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process	fill in the blank 38
   	Accounts ReceivableCost of Goods SoldFactory OverheadFinished GoodsSalesWork in Process		fill in the blank 40

   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
   (a)(b)(c)(d)(f)(g)	fill in the blank 42	(a)(b)(c)(d)(e)(f)(g)	fill in the blank 44
   (a)(c)(d)(e)(f)(g)	fill in the blank 46
   Bal.	fill in the blank 47

   Finished Goods
   (a)(b)(c)(d)(e)(f)(g)	fill in the blank 49	(a)(b)(c)(d)(e)(f)(g)	fill in the blank 51
   Bal.	fill in the blank 52

   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. 301No. 302No. 303No. 304No. 305	$	fill in the blank 54	$	fill in the blank 55	$	fill in the blank 56	$	fill in the blank 57
   No. 302No. 303No. 304No. 305No. 306		fill in the blank 59		fill in the blank 60		fill in the blank 61		fill in the blank 62
   Balance of Work in Process, January 30							$	fill in the blank 63

   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 303)Finished Goods, January 30 (Job 305)Finished Goods, January 30 (Job 306)	$	fill in the blank 65	$	fill in the blank 66	$	fill in the blank 67	$	fill in the blank 68