Question

Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal Accounts Schedule of Unfinished Jobs Schedule of Instructions 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 Materials $ 2,960 3,620 2,400 8,100 5,100 3.750 1,080 Factory Labor 52.775 3,750 1.875 6.360 5.250 3,340 4,100 306 For general factory use c. Factory overhead costs incurred on account, 55,500 d. Depreciation of machinery and equipment 51.980 e. The factory overhead rate is 554 per machine hour Machine hours used: Job Machine Hours Jobs completed: 301 302 303 and 305 9 Jobs were striped and customers were billed as follows Job 301.58 250Job 302.511.200. Job 303, 515.000

Answer 1

1)				ACCOUNTING EQUATION
DATE	DESCRIPTION	DEBIT	CREDIT	ASSETS	LIABILITIES	Equity
a)	Materials	29800		29800
	Accounts Payable		29800		29800
b)	Work in Process	49780		49780
	Factory Overhead	5180		5180
	Materials		27010	-27010
	Wages Payable		27950		27950
c)	Factory Overhead	5500		5500
	Accounts Payable		5500		5500
d)	Factory Overhead	1980		1980
	Accumulated Depreciation—Machinery and Equipment		1980	-1980
e)	Work in Process	12312		12312
	Factory Overhead (228 hours × $54)		12312	-12312
f)	Finished Goods	34804		34804
	Work in Process		34804	-34804
Job	Direct Material	Direct Labour	Factory overhead = $54 x Machine hours	Total
301	2960	2775	1350	7085
302	3620	3750	1944	9314
303	2400	1875	1620	5895
305	5100	5250	2160	12510
Total				34804
g)	Accounts Receivable	34450		34450
	Sales		34450			34450
	(8250+11200+15000)
h)	Cost of Goods Sold	22294				-22294
	Finished Goods		22294	22294
	(Job 301 + Job 302 + Job 303)
2)
T Accounts
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.
Work in Process
(b)	49780	34804	(f)
(e)	12312
Balance	27288
Finished Goods
(f)	34804	22294	(g)
Balance	12510
3)
Tybee Industries Inc.
Schedule of Unfinished Jobs
	Direct Material	Direct Labour	Factory Overhead	Total
Job 304	8100	6860	3888	18848
Job 306	3750	3340	1350	8440
Balance of Work in Process, Jan. 31				27288
4)Schedule of completed jobs:
	Direct Material	Direct Labour	Factory Overhead	Total
Job 305	5100	5250	2160	12510
Finished Goods, January 30				12510