Entries and s for Jobs and Completed Jobs Tybee Industries Inc. uses a job order

Question

Entries and s for Jobs and Completed Jobs 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, $2,270. b. Materials requisitioned and factory labor used: Job $2,090 2,550 1,690 5,730 3,640 2,650 710 $2,400 3,240 5,950 4,540 2,880 3,550 306 For general factory use d. Depreciation of machi e. The factory overhead rate is $60 per machine hour, Machine hours used: and equipment, $1,700. Job 17 43 221 f. Jobs completed: 301, 302, 303, and 305. o. Jobs were shipped and customers were billed as follows: Job 301, $7,190; Job 302, $8,170; Job 303, $13,660. 1. Journalize the entries to record the For a

Explanation / Answer

1) Journal Entries: Date Accounts Titles Debit $ Credit $ a Material 2270 AP 2270 b WIP 38940 Material 18350 Payroll 20590 b Factory overhead 4260 Material 710 Payroll 3550 c Factory overhead 3990 AP 3990 d Factory overhead 1700 Depreciation 1700 e WIP 13260 Factory overhead 13260 (221*60) f Finished goods 28270 WIP 28270 (Mat:9970 + Lab:11760 + O/H:109*60=6540 g AR 29020 Sales revenue 29020 (7190+8170+13660) G COGS 17510 Finished goods 17510 2) WIP A/C: MAT 18350 FG 28270 PAYROLL 20590 C/B 23930 O/H 13260 FG A/C: WIP 28270 COGS 17510 C/B 10760 3) schedule of Unfinished jobs: Job Mat DL Oh total 304 5730 5950 4800 16480 306 2650 2880 1920 7450 4) schedule of finished jobs: Job Mat DL Oh total 305 3640 4540 2580 10760

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