Entries and schedutes Amount Descriptions Journal TAccounts Schedule of Unfinish

Question

Entries and schedutes Amount Descriptions Journal TAccounts Schedule of Unfinished Jobs Chart of Accounts Tybee Industres Inc uses a job order.cost system The folowing data summarize the operations related to production for January 2016, the first month of operations a. Materials purchased on account, $29,050 b. Materials requisitiones and factory labor used Materials Factory Labor Job 301 302 303 304 305 306 For general factory use 2,870 3,690 2,300 8,510 5,000 3,770 1,030 $2,870 3,770 1,920 7,050 5250 3,240 4,110 cFactory overhead costs incurred on account $5,400 d Depreciation of machinery and equipment, $2.000 e. The factory overhead rate is $52 per machine hour. Machine hours used

Explanation / Answer

Direct Direct Overhead total Job materials labor applied 301 2,870 2,870 1404 7,144 302 3,690 3,770 1820 9,280 303 2,300 1,920 1508 5,728 304 8,510 7,050 3640 19,200 305 5,000 5,250 2028 12,278 306 3,770 3,240 1300 8,310 total 26,140 24,100 11700 61,940 total cost of jobs completed jobs 301 7,144 302 9,280 303 5,728 305 12,278 total cost of jobs completed 34,430 cost of jobs sold and sale price jobs COGS Sale 301 7,144 8,310 302 9,280 11,120 303 5,728 14,320 total 22,152 33,750 1) Journal Entries Account titles & Explanations Debit Credit a) Raw materials inventory 29,050 Accounts payable 29,050 b) Work in process inventory 50,240 Factory overhead 5,140 Raw materials invetory 27,170 Factory wages payable 28,210 c) Factory overhead 5,400 accounts payable 5,400 d) Factory overhead 2,000 Accumulated depreciation 2,000 e) work in process inventory 11700 Factory overhead 11700 f) finished goods inventory 34,430 work in process inventory 34,430 g) accounts receivable 33,750 sales 33,750 Cost of goods sold 22,152 Finished goods inventory 22,152 2) T-Account work in process inventory b) 50,240 f) 34,430 e) 11700 end bal 27,510 (note entry b includes DM and DL if required u can show separately) finished goods inventory f) 34,430 g) 22,152 end bal 12,278 3) Schedule of unfinished jobs Direct Direct Overhead total Job materials labor applied 304 8,510 7,050 3640 19,200 306 3,770 3,240 1300 8,310 total 27,510 4) Schedule of finished jobs Direct Direct Overhead total Job materials labor applied 305 5,000 5,250 2028 12,278

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