Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2468606 • 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.
Job No. 306
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
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.
repare 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
a. Materials purchased on account, $31,030. b. Materials requisitioned and factory labor used:Explanation / Answer
A. Journal entries are prepared as under:
B.
Work in process and finished goods account are prepared as under:
C. Schedule of unfinished goods is as under:
D. Schedule of completed jobs is as under:
S.No Particulars L.F Amount ($) Amount ($) a. Material 31,030 Accounts Payable 31,030 (For Material Purchased on account) b. Work in Process-Job 301 5,770 Work in Process-Job 302 7,460 Work in Process-Job 303 4,300 Work in Process-Job 304 15,290 Work in Process-Job 305 10,440 Work in Process-Job 306 6,960 Factory Overhead (Indirect Material) 1,060 Factory Overhead (Indirect labour) 4,260 Material 55540 (Raw material an indirect material issued to production and labour also issued to production) c. Factory Overhead (Miscellaneous) 5,290 Accounts Payable 5,290 (For factory overhead cost incurred) d. Factory Overhead (Depreciation) 1,960 Acc Dep -Machinery and equipment 1,960 (For Depreciation recorded) e. Work in Process-Job 301 1196 Work in Process-Job 302 1,924 Work in Process-Job 303 1508 Work in Process-Job 304 3640 Work in Process-Job 305 2080 Work in Process-Job 306 1,196 factory overhead 11,544 (For factory overhead allocated) f. Finished Goods Job 301 6,966 Finished Goods Job 302 9,384 Finished Goods Job 303 5,808 Finished Goods Job 305 12,520 Work in Process-Job 301 6,966 Work in Process-Job 302 9,384 Work in Process-Job 303 5,808 Work in Process-Job 305 12,520 (For Job 301,302,303 and 305 cost transferred to finished goods account) g. Accounts Receivable 34,940 Sales 34,940 (For goods of Job 301,303 and 303 sold recorded) g. Cost of goods sold 22,158 Finished Goods Job 301 6,966 Finished Goods Job 302 9,384 Finished Goods Job 303 5,808 (For cost of goods sold recorded)Related Questions
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