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, $28,610.
	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	$2,810	$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	4040

	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
301	24
302	36
303	29
304	73
305	41
306	24
Total	227

	f. Jobs completed: 301, 302, 303 and 305.
	g. Jobs were shipped and customers were billed as follows: Job 301, $8,520; Job 302, $10,770; Job 303, $15,650.

	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. Insert memo account balances as of the end of the month. Work in Process selector 1 a b c d f g selector 2 a b c d e f g selector 3 a c d f g e Bal. Finished Goods selector 4 a b c d e f g selector 5 a b c d e f g Bal.
3.	Prepare a schedule of unfinished jobs to support the balance in the work in process account.* exact wording of the answer choices for text entries. 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 hed 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.* 1 entrie *Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries

Answer 1

Cost of completed job in hand