Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2546677 • Letter: T
Question
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:
a. Materials purchased on account, $29,800.
b. Materials requisitioned and factory labor used:
Chart of Accounts
Amount Descriptions
Journal
1. 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
ACCOUNTING EQUATION
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
T Accounts
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.
Schedule of Unfinished Jobs
3. 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
Schedule of Completed Jobs
4. 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
Job Materials Factory Labor 301 $ 2,960 $2,775 302 3,620 3,750 303 2,400 1,875 304 8,100 6,860 305 5,100 5,250 306 3,750 3,340 For general factory use 1,080 4,100Explanation / Answer
Direct Direct Overhead total Job materials labor applied 301 2,960 2,775 1350 7,085 302 3,620 3,750 1944 9,314 303 2,400 1,875 1620 5,895 304 8,100 6,860 3888 18,848 305 5,100 5,250 2160 12,510 306 3,750 3,340 1350 8,440 total 25,930 23,850 12312 62,092 total cost of jobs completed jobs 301 7,085 302 9,314 303 5,895 305 12,510 total cost of jobs completed 34,804 cost of jobs sold and sale price jobs COGS Sale 301 7,085 8,250 302 9,314 11,200 303 5,895 15,000 total 22,294 34,450 1) Journal Entries Account titles & Explanations Debit Credit a) Raw materials inventory 29,800 Accounts payable 29,800 b) Work in process inventory 49,780 Factory overhead 5,180 Raw materials invetory 27,010 Factory wages payable 27,950 c) Factory overhead 5,500 accounts payable 5,500 d) Factory overhead 1,980 Accumulated depreciation 1,980 e) work in process inventory 12312 Factory overhead 12312 f) finished goods inventory 34,804 work in process inventory 34,804 g) accounts receivable 34,450 sales 34,450 Cost of goods sold 22,294 Finished goods inventory 22,294 2) T-Account work in process inventory b) 49,780 f) 34,804 e) 12312 end bal 27,288 (note entry b includes DM and DL if required u can show separately) finished goods inventory f) 34,804 g) 22,294 end bal 12,510 3) Schedule of unfinished jobs Direct Direct Overhead total Job materials labor applied 304 8,100 6,860 3888 18,848 306 3,750 3,340 1350 8,440 total 27,288 4) Schedule of finished jobs Direct Direct Overhead total Job materials labor applied 305 5,100 5,250 2160 12,510
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