Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2472136 • 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:
X
Chart of Accounts
X
Amount Descriptions
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
DATE DESCRIPTION POST. REF. DEBIT CREDIT
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
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.
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. Materials purchased on account, $31,250. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,910 $2,680 302 3,730 3,630 303 2,280 1,810 304 8,430 7,110 305 4,850 5,010 306 3,900 3,280 For general factory use 1,050 3,920 c. Factory overhead costs incurred on account, $5,760. d. Depreciation of machinery and equipment, $2,040. e. The factory overhead rate is $55 per machine hour. Machine hours used: Job Machine Hours 301 27 302 38 303 30 304 72 305 41 306 25 Total 233 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,390; Job 302, $10,860; Job 303, $15,380. Required: 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. B. 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. C. Prepare a schedule of unfinished jobs to support the balance in the work in process account.* D. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.* * Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.X
Chart of Accounts
CHART OF ACCOUNTS Tybee Industries Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest ExpenseX
Amount Descriptions
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
DATE DESCRIPTION POST. REF. DEBIT CREDIT
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
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.
Work in Process Bal. Finished Goods Bal.Explanation / Answer
Journal entries and T accounts are prepared as under:
Statements required are prepared as under:
S.No Particulars L.F Amount ($) Amount ($) a. Material 31,250 Accounts Payable 31,250 (For Material Purchased on account) b. Work in Process-Job 301 5,590 Work in Process-Job 302 7,360 Work in Process-Job 303 4,090 Work in Process-Job 304 15,540 Work in Process-Job 305 9,860 Work in Process-Job 306 7,180 Factory Overhead (Indirect Material) 1,050 Factory Overhead (Indirect labour) 3,920 Material 54,590 (Raw material an indirect material issued to production and labour also issued to production) c. Factory Overhead (Miscellaneous) 5,760 Accounts Payable 5,760 (For factory overhead cost incurred) d. Factory Overhead (Depreciation) 2,040 Acc Dep -Machinery and equipment 2,040 (For Depreciation recorded) e. Work in Process-Job 301 1485 Work in Process-Job 302 2,090 Work in Process-Job 303 1650 Work in Process-Job 304 3960 Work in Process-Job 305 2255 Work in Process-Job 306 1,375 factory overhead 12,815 (For factory overhead allocated) f. Finished Goods Job 301 7,075 Finished Goods Job 302 9,450 Finished Goods Job 303 5,740 Finished Goods Job 305 12,115 Work in Process-Job 301 7,075 Work in Process-Job 302 9,450 Work in Process-Job 303 5,740 Work in Process-Job 305 12,115 (For Job 301,302,303 and 305 cost transferred to finished goods account) g. Accounts Receivable 34,630 Sales 34,630 (For goods of Job 301,302 and 303 sold recorded) g. Cost of goods sold 22,158 Finished Goods Job 301 7,075 Finished Goods Job 302 9,450 Finished Goods Job 303 5,740 (For cost of goods sold recorded) Work in process Particulars Amount ($) Particulars Amount ($) b 49,620 f. 34,380 e. 12,815 62,435 34,380 closing 28,055 Finished goods inventory Particulars Amount ($) Particulars Amount ($) f. 34,380 g 22,265 34,380 22,265 closing 12,115Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.