Entries and Schedules for Unfinished Jobs and Completed Jobs Tybee Industries Inc. uses a job...
60.1K
Verified Solution
Link Copied!
Question
Accounting
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, the first month of operations: a. Materials purchased on account, $2,290. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,210 2,700 1,790 6,060 3,850 2,810 $1,900 2,570 1,250 4,710 3,590 2,280 2,810 305 306 For general factory use 750 c. Factory overhead costs incurred on account, $4,220. d. Depreciation of machinery and equipment, $1,350. e. The factory overhead rate is $50 per machine hour. Machine hours used: Job Machine Hours 305 306 Total 254 f. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $7,510; Job 302, $8,120; Job 303, $15,050. Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
