tries and schedules for unfinished jobs and completed jobs Instructions Chart of
ID: 2471854 • Letter: T
Question
tries and schedules for unfinished jobs and completed jobs
Instructions
Chart of Accounts
Amount Descriptions
Journal
T Accounts
Schedule of Unfinished Jobs
Schedule of Completed Jobs
X
Instructions
Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations:
A. Journalize the 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.
PAGE 10
JOURNAL
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the 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
Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries.
Tybee Industries Inc.
Schedule of Completed Jobs
1
Job
Direct Materials
Direct Labor
Factory Overhead
Total
2
Explanation / Answer
A. Journalize the entries to record the summarized operations
Debit $ Credit $
a. Materials purchased on account $31,030
Materials 31,030
Accounts Payable 31,030
b. Materials requisitioned and factory labor used :
Work in Process 50,220
Factory Overhead 5,320
Materials 27,600
Wages Payable 27,940
c. Factory overhead costs incurred on account, $5,290.
Factory Overhead 5,290
Accounts Payable 5,290
d. Depreciation of machinery and equipment, $1,960.
Factory Overhead 1,960
Accumulated Depreciation-Machinery & Equipment 1,960
e.The factory overhead rate is $52 per machine hour. Machine hours used
Work in Process (222*$52) 11,544
Fcatory Overhead 11,544
f. Jobs completed: 301, 302, 303 and 305
12,520
Total $34,678
Finished Goods 34,678
Work in Process 34,678
g. Jobs were shipped and customers were billed as follows: Job 301, $8,430; Job 302, $10,960; Job 303, $15,550
Accounts Receivables 34,940
($8,430+$10,960+$15,550)
Sales 34,940
Cost of Goods Sold (6,966+9,384+5,808) 22,158
Finished Goods 22,158
Work in Process
Finished Goods
Schedule of Unfinished Jobs
Balance of Work in Process, January 30 $27,086
Schedule of Completed Jobs
Balance of Finished Goods, January 30 $12,520
Job Direct Material $ Direct Labour $ Factory Overheads ($52*Machine hours) Total $ 301 3060 2,710 52*23 = 1,196 6,966 302 3640 3,820 52*37 = 1,924 9,384 303 2430 1,870 52*29 = 1,508 5,808 305 5,340 5,100 52*40 = 2,08012,520
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.