Question

Tybee Industries Inc. uses a job order cost system

A type of cost accounting system that provides for a separate record of the cost of each particular quantity of product that passes through the factory.

. The following data summarize the operations related to production for January, the first month of operations:

	a. Materials purchased on account, $28,790.
	b. Materials requisitioned The form or electronic transmission used by a manufacturing department to authorize materials issuances from the storeroom. and factory labor used:

Job	Materials	Factory Labor
301	$2,880	$2,910
302	3,690	3,860
303	2,300	1,780
304	7,820	6,990
305	5,310	5,050
306	3,700	3,280
For general factory use	1,070	Factory Labor4,180

	c. Factory overhead costs incurred on account, $5,600.
	d. Depreciation of machinery and equipment, $1,970.
	e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job	Machine Hours
301	25
302	34
303	30
304	71
305	42
306	26
Total	228

	f. Jobs completed: 301, 302, 303 and 305.
	g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730.

Required:

1.

Journalize the 18 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- A,B,C,D,E,F,G . Insert memo account balances as of the end of the month.

A,B,C,D,E,F,G	enter amount	A,B,C,D,E,F,G	enter amount
A,B,C,D,E,F,G	enter amount
bal	balance
A,B,C,D,E,F,G bal	enter amount balance	A,B,C,D,E,F,G bal	enter amount balance

3.

Prepare a schedule of unfinished jobs to support the balance in the work in process account.*

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

4.

Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*

Question not attempted.

Tybee Industries Inc.

Schedule of Completed Jobs

1	Job	Direct Materials	Direct Labor	Factory Overhead	Total
2

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

Answer 1