70.2K

Verified Solution

Link Copied!

Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal T Accounts Instructions 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, $28,610 b. Materials requisitioned and factory labor used: Job Factory Labor Materials $2,810 301 $2,640 3,710 2,340 8,210 304 305 306 3,920 1,910 7,110 5,270 3,390 4,040 5,360 3,780 1,060 For general factory use c. Factory overhead costs incurred on account, $5,710. d. Depreciation of machinery and equipment, $1,910. e. The factory overhead rate is $55 per machine hour Machine hours used Job Machine Hours eBook Calculator Print Item Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal T Accounts Instructions Job Machine Hours 301 24 24 Total 227 1. Jobs completed: 301, 302, 303 and 305 Jobs were shipped and customers were billed as follows: Job 301, 58,520 Job 302, 510,770: Job 303 $15.650 Required: 1. Journalize the entries to record the summarized operations. Record each come s -b) as an individual entry on January 31 Recorder gas 2 entries. Refer to the Chart of Accounts for exact wording of accounts 2. Post the appropriate entries to accounts for Work in Process and Finished Goods using the conting letters as transaction codes insert memo account balances as of the end of the month Book Calculator Print Item Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal Accounts Instructions 303 1. Jobs completed: 301, 302, 303 and 305, 9. Jobs were shipped anw customers were billed as follows: Job 301, 88,520; Job 302, 510,770; Job 303, 515,650. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-1) 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 Taccounts 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

Answer & Explanation Solved by verified expert

See Answer