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Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of

Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations:

a. Materials purchased on account, $29,800.
b. Materials requisitioned and factory labor used:
Job Materials Factory Labor
301 $ 2,960 $2,775
302 3,620 3,750
303 2,400 1,875
304 8,100 6,860
305 5,100 5,250
306 3,750 3,340
For general factory use 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:
Job Machine Hours
301 25
302 36
303 30
304 72
305 40
306 25
Total 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.
Required:
A. 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.
B. 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.
C. Prepare a schedule of unfinished jobs to support the balance in the work in process account.*
D. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*image text in transcribed

* Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

image text in transcribed

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