Tybee Industries Inc. uses a job order cost system. The following data summarize
ID: 2576546 • 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: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used Job 301 302 303 304 305 306 For general factory use Materials Factory Labor 2,960 3,620 2,400 8,100 5,100 3,750 1,080 $2,775 3,750 1,875 6,860 5,250 3,340 4,100 c. Factory overhead costs incurred on account, $5,500. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $54 per machine hour. Machine hours used:Explanation / Answer
A) DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 Materials $29,800 Accounts Payable $29,800 2 Work in Process $49,780 Factory Overhead $5,180 Materials $27,010 Wages Payable $27,950 3 Factory Overhead $5,500 Accounts Payable $5,500 4 Factory Overhead $1,980 Accumulated Depreciation—Machineryand Equipment $1,980 5 Work in Process $12,312 Factory Overhead (228 hours × $54) $12,312 6 Finished Goods $34,804 Work in Process $34,804 Job Direct Material Direct Labour Factory overhead = $54 x Machine hours Total 301 $2,960 $2,775 $1,350 $7,085 302 3620 $3,750 $1,944 $9,314 303 2400 $1,875 $1,620 $5,895 305 5100 5250 $2,160 $12,510 Total $34,804 7 Accounts Receivable $34,450 Sales $34,450 (8250+11200+15000) Cost of Goods Sold $22,294 Finished Goods $22,294 (Job 301 + Job 302 + Job 303) 3)Schedule of unfinished jobs: Direct Material Direct Labour Factory Overhead Total Job 304 $8,100 $6,860 $3,888 $18,848 Job 306 $3,750 $3,340 $1,350 $8,440 Balance of Work in Process, Jan. 31 $27,288 4)Schedule of completed jobs: Direct Material Direct Labour Factory Overhead Total Job 305 $5,100 $5,250 $2,160 $12,510 Finished Goods, January 30 $12,510
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