Tybee Industries Inc. uses a job order cost system. The following data summarize

Question

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:

Work in Process
   
   
   
Bal.

Finished Goods
   
   
Bal.
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

Column1 Column2 Column3 Column4 Column5 Column6 Column7 Journal entries Item Accounts titles and explanations Debit Credit a Raw materials inventory 31,250 To Accounts payable 31,250 b WIP inventory 26100 Factory overhead 1050 to Raw materials inventory 27150 WIP inventory 23520 Factory overhead 3920 To Factory payroll 27440 c Factory overhead 5760 To Accounts payable 5,760 d Factory overhead 2040 to Accumulated depreciation 2,040 e WIP inventory 12815 To Facotry overhead 12815 f Finished goods inventory 34380 To WIP inventory 34,380 g account receivable 34630 to Sales 34,630 cost of goods sold 22265 To finished goods inventory 22,265 Column1 Column2 Column3 Column4 Column5 Column6 Work in process inventory Raw materials 26,100 Finished goods inve 34380 Factory payroll 23,520 Facotry overhead 12815 Balance 28,055 Column1 Column2 Column3 Column4 Column5 Column6 finished goods inventory WIP inventory 34,380 cost of goods sold 22,265 Balance 12,115 Schedule of unfinished jobs Column1 Column2 Column3 Column4 Column5 Materails labor FOH total 304 8,430 7,110 3960 19,500 306 3,900 3,280 1375 8,555 total 28,055 Schedule of finished jobs Column1 Column2 Column3 Column4 Materials labor FOH total 305 4,850 5,010 2255 12,115

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