Tybee Industries Inc. uses a job order cost system. The
following data summarize the operations related...
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Accounting
Tybee Industries Inc. uses a job order cost system. Thefollowing data summarize the operations related to production forJanuary 2016, the first month of operations:
a. Materials purchased on account,$28,610.
b. Materials requisitioned andfactory labor used:
Job
Materials
Factory Labor
301
$2,810
$2,640
302
3,710
3,920
303
2,340
1,910
304
8,210
7,110
305
5,360
5,270
306
3,780
3,390
For general factory use
1,060
4,040
c. Factory overhead costs incurredon account, $5,710.
d. Depreciation of machinery andequipment, $1,910.
e. The factory overhead rate is $55per machine hour. Machine hours used:
Job
Machine Hours
301
24
302
36
303
29
304
73
305
41
306
24
Total
227
f. Jobs completed: 301, 302, 303and 305.
g. Jobs were shipped and customerswere billed as follows: Job 301, $8,520; Job 302, $10,770; Job 303,$15,650.
Required:
A.
Journalize the entries torecord the summarized operations. Record each item (items a-f) asan individual entry on January 31. Record item g as 2 entries.Refer to the Chart of Accounts for exact wording of accounttitles.
B.
Post the appropriate entries toT accounts for Work in Process and Finished Goods, using theidentifying letters as transaction codes. Insert memo accountbalances as of the end of the month.
C.
Prepare a schedule ofunfinished jobs to support the balance in the work in processaccount.*
D.
Prepare a schedule of completedjobs on hand to support the balance in the finished goodsaccount.*
* Refer to the list of AmountDescriptions for the exact wording of the answer choices for textentries.
Answer & Explanation
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4.1 Ratings (534 Votes)
Solution A Job Cost Sheets Job No Direct Material Direct labor Manufacturing overhead Total 301 281000 264000 132000 677000 302 371000 392000 198000 961000 303 234000 191000 159500 584500 304 821000 711000 401500 1933500 305 536000 527000 225500 1288500 306 378000 339000 132000 849000 Total 2621000 2424000 1248500 6293500 Journal Entries Tybee Industries S no Particulars Debit Credit a Raw
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