Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2566511 • Letter: T
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:
* Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
CHART OF ACCOUNTSTybee Industries Inc.General Ledger
Interest Expense
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.
a. Materials purchased on account, $28,580. b. Materials requisitioned and factory labor used:Explanation / Answer
job Materials labor OH total 301 3,030 2,760 1404 7,194 completed COGS 302 3,490 3,770 1976 9,236 completed COGS 303 2,520 1,860 1456 5,836 completed COGS 304 8,290 6,880 3796 18,966 WIP 305 5,000 5,490 1976 12,466 completed 306 3,890 3,410 1404 8,704 WIP total 26,220 24,170 12012 62,402 finished goods(completed) = 34,732 COGS 22,266 WIP 27,670 Journal Entries No Account titles & Explanations Debit Credit a. Raw materials inventory 28,580 Accounts payable 28,580 b. Work in process inventory 50,390 Factory overhead 5320 Raw materials inventory 27,350 Factory payroll 28,360 c. Factory overhead 5,670 Accounts payable 5,670 d. Factory overhead 2,050 Accumulated Depreciation 2,050 e. work in process inventory 12,012 Factory overhead 12,012 f. Finished goods 34,732 work in process inventory 34,732 g. Accounts receivable 34,530 sales 34,530 cost of goods sold 22,266 Finished goods inventor 22,266 T- Accounts work in process inventory b. 50,390 f. 34,732 e. 12,012 EB 27,670 Finished goods inventory f. 34,732 g. 22,266 EB 12,466 c) Schedule of unfinished jobs jobs Materials labor OH total 304 8,290 6,880 3796 18,966 306 3,890 3,410 1404 8,704 total 12,180 10,290 5200 27,670 D) Schedule of finished jobs jobs Materials labor OH total 305 5,000 5,490 1976 12,466
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