Question

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: Materials purchased on account, $1,900. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,270 $1,720 302 2,770 2,320 303 1,840 1,140 304 6,220 4,270 305 3,950 3,250 306 2,880 2,060 For general factory use 770 2,550 Factory overhead costs incurred on account, $4,340. Depreciation of machinery and equipment, $1,220. The factory overhead rate is $50 per machine hour. Machine hours used: Job Machine Hours 301 31 302 44 303 16 304 79 305 15 306 28 Total 213 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $6,650; Job 302, $8,750; Job 303, $10,960

Answer 1

	Direct	Direct	Overhead	total
Job	materials	labor	applied
301	2,270	1,720	1550	5,540
302	2,770	2,320	2200	7,290
303	1,840	1,140	800	3,780
304	6,220	4,270	3950	14,440
305	3,950	3,250	750	7,950
306	2,880	2,060	1400	6,340
total	19,930	14,760	10650	45,340
total cost of jobs completed
jobs
301			5,540
302			7,290
303			3,780
305			7,950
total cost of jobs completed			24,560
cost of jobs sold and sale price
jobs			COGS		Sale
301			5,540		6,650
302			7,290		8,750
303			3,780		10,960
total			16,610		26,360
1)	Journal Entries
	Account titles & Explanations				Debit	Credit
a)	Raw materials inventory				1,900
	Accounts payable					1,900
b)	Work in process inventory				34,690
	Factory overhead				3,320
	Raw materials invetory					20,700
	Factory wages payable					17,310
c)	Factory overhead				4,340
	accounts payable					4,340
d)	Factory overhead				1,220
	Accumulated depreciation					1,220
e)	work in process inventory				10650
	Factory overhead					10650
f)	finished goods inventory				24,560
	work in process inventory					24,560
g)	accounts receivable				26,360
	sales					26,360
	Cost of goods sold				16,610
	Finished goods inventory					16,610
2)	T-Account
	work in process inventory
	b)	34,690	f)	24,560
	e)	10650
	end bal	20,780
	finished goods inventory
	f)	24,560	g)	16,610
	end bal	7,950
3)	Schedule of unfinished jobs
		Direct	Direct	Overhead	total
	Job	materials	labor	applied
	304	6,220	4,270	3950	14,440
	306	2,880	2,060	1400	6,340
	total				20,780
4)	Schedule of finished jobs
		Direct	Direct	Overhead	total
	Job	materials	labor	applied
	305	3,950	3,250	750	7,950