Question

of goodS sond, i. Cost Instructions Journalize the entries to record the summarized operations J1,I PR 19-2A Entries and schedules for unfinished jobs and com Tybee Industries Inc. uses a job order cost system. The foll operations related to production for January, the first month of o a. Materials purchased on account, $29,800. following data summarize data

Answer 1

Solution 1:

Job Cost Sheets
Job No	Direct Material	Direct labor	Manufacturing overhead	Total
301	$3,960.00	$2,775.00	$1,350.00	$8,085.00
302	$3,620.00	$3,750.00	$1,944.00	$9,314.00
303	$2,400.00	$1,875.00	$1,620.00	$5,895.00
304	$8,100.00	$6,860.00	$3,888.00	$18,848.00
305	$5,100.00	$5,250.00	$2,160.00	$12,510.00
306	$3,750.00	$3,340.00	$1,350.00	$8,440.00
Total	$26,930.00	$23,850.00	$12,312.00	$63,092.00

Journal Entries - Tybee Industries
S. no.	Particulars	Debit	Credit
a	Raw material inventory Dr	$29,800.00
	To Accounts payable		$29,800.00
	(To record purchase of raw material on account)
b	Work in process inventory Dr	$50,780.00
	Manufacturing overehead Dr	$5,180.00
	To Raw materials inventory		$28,010.00
	To Factory Wages		$27,950.00
	(To record consumption of material and cost of labor incurred))
c	Manufacturing overehead Dr	$5,500.00
	To Accounts payable		$5,500.00
	(To record factory overhead incurred)
d	Manufacturing overehead Dr	$1,980.00
	To Depreciation - Machinery and Equipment		$1,980.00
	(To record depreciation on machinery and equipment)
e	Work in process inventory Dr	$12,312.00
	To Manufacturing overhead		$12,312.00
	(To apply manufacturing overhead on production)
f	Finished goods inventory Dr ($8,085 + $9,314 + $5,895 + $12,510)	$35,804.00
	To Work in process inventory		$8,210.00
	(To record completion of Job No 301, 302, 303 and 305)
g1	Accounts receivables Dr	$34,450.00
	To Sales Revenue		$34,450.00
	(To record sales of Job 301, 302 and 303)
g2	Cost of goods sold Dr($8,085 + $9,314 + $5,895)	$23,294.00
	To Finished goods inventory		$23,294.00
	(To record cost of goods sold)

Solution 2:

Work In Process Account
Event	Debit	Event	Credit
b	$50,780.00	f	$35,804.00
e	$12,312.00
Ending Balance	$27,288.00

Finished goods inventory
Event	Debit	Event	Credit
f	$35,804.00	g	$23,294.00
Ending Balance	$12,510.00

Solution 3:

Schedule of Unfinished Jobs
Job No	Direct Material	Direct labor	Manufacturing overhead	Total
304	$8,100.00	$6,860.00	$3,888.00	$18,848.00
306	$3,750.00	$3,340.00	$1,350.00	$8,440.00
Total	$11,850.00	$10,200.00	$5,238.00	$27,288.00

Solution 4:

Schedule of completed jobs on hand
Job No	Direct Material	Direct labor	Manufacturing overhead	Total
305	$5,100.00	$5,250.00	$2,160.00	$12,510.00
Total	$5,100.00	$5,250.00	$2,160.00	$12,510.00