Entries and schedules for unfinished jobs and completed jobs Tybee Industries Inc. uses a job… 1 answer below »

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 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.

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.

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