Chapter 19 homework Hide or show questions eBookCalculator Entries and Schedules

Question

Chapter 19 homework Hide or show questions eBookCalculator 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, $3,140. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,490 $2,730 302 3,040 3,690 303 2,020 1,800 304 6,820 6,770 305 4,330 5,160 306 3,160 3,280 For general factory use 850 4,040 Factory overhead costs incurred on account, $4,760. Depreciation of machinery and equipment, $1,940. The factory overhead rate is $35 per machine hour. Machine hours used: Job Machine Hours 301 27 302 40 303 27 304 68 305 24 306 15 Total 201 Jobs completed: 301, 302, 303, and 305. Jobs were shipped and customers were billed as follows: Job 301, $7,400; Job 302, $9,760; Job 303, $13,820. 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. 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. 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.

Explanation / Answer

Direct Direct Overhead total Job materials labor applied 301 2,490 2,730 945 6,165 302 3,040 3,690 1400 8,130 303 2,020 1,800 945 4,765 304 6,820 6,770 2380 15,970 305 4,330 5,160 840 10,330 306 3,160 3,280 525 6,965 total 21,860 23,430 7035 52,325 total cost of jobs completed jobs 301 6,165 302 8,130 303 4,765 305 10,330 total cost of jobs completed 29,390 cost of jobs sold and sale price jobs COGS Sale 301 6,165 7,400 302 8,130 9,760 303 4,765 13,820 total 19,060 30,980 1) Journal Entries Account titles & Explanations Debit Credit a) Raw materials inventory 3,140 Accounts payable 3,140 b) Work in process inventory 45,290 Factory overhead 4,890 Raw materials invetory 22,710 Factory wages payable 27,470 c) Factory overhead 4,760 accounts payable 4,760 d) Factory overhead 1,940 Accumulated depreciation 1,940 e) work in process inventory 7035 Factory overhead 7035 f) finished goods inventory 29,390 work in process inventory 29,390 g) accounts receivable 30,980 sales 30,980 Cost of goods sold 19,060 Finished goods inventory 19,060 2) T-Account work in process inventory b) 45,290 f) 29,390 e) 7035 end bal 22,935 (note entry b includes DM and DL if required u can show separately) finished goods inventory f) 29,390 g) 19,060 end bal 10,330 3) Schedule of unfinished jobs Direct Direct Overhead total Job materials labor applied 304 6,820 6,770 2380 15,970 306 3,160 3,280 525 6,965 total 22,935 4) Schedule of finished jobs Direct Direct Overhead total Job materials labor applied 305 4,330 5,160 840 10,330

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