Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2497946 • 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:
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.
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JOURNAL
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a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used:Explanation / Answer
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.
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.
Prepare a schedule of unfinished jobs to support the balance in the work in process account.
27288
Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
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.
Date Description Post Ref. Debit Credit 1 Raw Material Inventory $29,800 Accounts Payable $29,800 2 Work in Process $25,930 Factory Overhead $1,080 Raw Material Inventory $27,010 3 Work in Process $23,850 Factory Overhead $4,100 Factory Labor $27,950 4 Factory Overhead $5,500 Accounts Payable $5,500 5 Factory Overhead $1,980 Accumulated Depreciation $1,980 6 Work in Process $12,312 Factory Overhead $12,312 7 Finished goods Inventory $34,804 Work in Process $34,804 8 Accounts Receivable $34,450 Sales $34,450 9 Cost of goods sold $22,294 Finished goods Inventory $22,294 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.
Work in Process b $49,780 f $34,804 e $12,312 Bal $27,288 Finised Goods f $34,804 g $22,294 Bal $12,510 C.Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Ovrhead Total 304 8100 6860 3888 18848 306 3750 3340 1350 8440 11850 10200 523827288
D.Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Ovrhead Total 305 5100 5250 2160 12510Related Questions
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