Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2546293 • 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:
* Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.
Amount DescriptionsJob No. 301Job No. 302Job No. 303Job No. 304Job No. 305Job No. 306
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
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.
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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
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
a. Materials purchased on account, $28,790. b. Materials requisitioned and factory labor used:Explanation / Answer
Direct Direct Overhead total Job materials labor applied 301 2,880 2,910 1325 7,115 302 3,690 3,860 1802 9,352 303 2,300 1,780 1590 5,670 304 7,820 6,990 3763 18,573 305 5,310 5,050 2226 12,586 306 3,700 3,280 1378 8,358 total 25,700 23,870 12084 61,654 total cost of jobs completed jobs 301 7,115 302 9,352 303 5,670 305 12,586 total cost of jobs completed 34,723 cost of jobs sold and sale price jobs COGS Sale 301 7,115 8,270 302 9,352 11,720 303 5,670 15,730 total 22,137 35,720 1) Journal Entries Account titles & Explanations Debit Credit a) Raw materials inventory 28,790 Accounts payable 28,790 b) Work in process inventory 49,570 Factory overhead 5,250 Raw materials invetory 26,770 Factory wages payable 28,050 c) Factory overhead 5,600 accounts payable 5,600 d) Factory overhead 1,970 Accumulated depreciation 1,970 e) work in process inventory 12084 Factory overhead 12084 f) finished goods inventory 34,723 work in process inventory 34,723 g) accounts receivable 35,720 sales 35,720 Cost of goods sold 22,137 Finished goods inventory 22,137 2) T-Account work in process inventory b) 49,570 f) 34,723 e) 12084 end bal 26,931 (note entry b includes DM of $25,700 and DL of $23,870=49,570 if required u can show separately) finished goods inventory f) 34,723 g) 22,137 end bal 12,586 3) Schedule of unfinished jobs Direct Direct Overhead total Job materials labor applied 304 7,820 6,990 3763 18,573 306 3,700 3,280 1378 8,358 total 26,931 4) Schedule of finished jobs Direct Direct Overhead total Job materials labor applied 305 5,310 5,050 2226 12,586
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