tbyee industies Job Order Costing OBJ. 2 the PR 19-2A Entries and schedules for
ID: 2590940 • Letter: T
Question
tbyee industies Job Order Costing OBJ. 2 the PR 19-2A Entries and schedules for unfinished jobs and completed jobs Tybee Industries Inc. uses a job order cost system. The following data summaríze operations related to production for January 2016, the first month of operations: a. Materials purchased on account, $29,800. b. Materials requisitioned and factory labor used: Materials s 2,960 3,620 Factory Labor 2,775 3,750 1,875 6,860 5,250 3,340 4,100 301 302 304 305 306 For general factory use 8,100 5,100 3,750 1,080 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: 301 302 303 Machine Hours 25 36 30 72 305 306 Total 228 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302, $11,200; Job 303, $15,000. Instructions 1. Journalize the entries to record the summarized operations 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 3. Prepare a schedule of unfinished jobs to support the balance in the work in process 4. Prepare a schedule of completed jobs on hand to support the balance in the finished the end of the month. account. goods account. PR 19-3A Job order cost sheet Remnant Caet Comm 0B1.2,3Explanation / Answer
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Workings:
1 Account Titles and Explanation Debit Credit a. Raw Materials 29800 Accounts Payable 29800 (To record raw materials purchased on account) b. Work in process (25930+23850) 49780 Factory overhead (1080+4100) 5180 Raw Materials 27010 Factory wages expense 27950 (To record materials requisitioned and labor used) c. Factory overhead 5500 Accounts Payable 5500 (To record manufacturing overhead incurred) d. Factory overhead 1980 Accumulated depreciation-machinery and equipment 1980 (To record depreciation on machinery and equipment) e. Work in process (228 x $54) 12312 Factory overhead 12312 (To record factory overhead applied) f. Finished goods (7085+9314+5895+12510) 34804 Work in process 34804 (To record jobs completed and transferred to finished goods) g. Accounts Receivable 34450 Sales Revenue 34450 (To record sales on account) Cost of goods sold (7085+9314+5895) 22294 Finished goods 22294 (To record cost of sales)Related Questions
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