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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:

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, $30,100.
b. Materials requisitioned and factory labor used:
Job Materials Factory Labor
301 $3,110 $2,720
302 3,710 3,810
303 2,400 1,970
304 8,500 6,870
305 5,210 5,410
306 3,850 3,290
For general factory use 1,080 4,120
c. Factory overhead costs incurred on account, $5,440.
d. Depreciation of machinery and equipment, $1,980.
e. The factory overhead rate is $53 per machine hour. Machine hours used:
Job Machine Hours
301 25
302 35
303 32
304 73
305 38
306 24
Total 227
f. Jobs completed: 301, 302, 303 and 305.
g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290.
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.

Amount Descriptions
Job No. 301
Job No. 302
Job No. 303
Job No. 304
Job No. 305

Job No. 306

. 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.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

T Accounts

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
b
c
Bal.
Finished Goods
Bal.

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

1

Job

Direct Materials

Direct Labor

Factory Overhead

Total

2

3

4

Balance of Work in Process, January 30

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

1

Job

Direct Materials

Direct Labor

Factory Overhead

Total

2

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