Question

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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 Materials Factory Labor 301 $ 2,960 $2.775 302 3,620 3,750 303 2.400 1,875 304 8.100 6,860 305 5,100 5,250 306 3,750 3,340 .For general factory use 1,080 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:

Answer 1

	Direct	Direct	Overhead	total
Job	materials	labor	applied
301	2,960	2,775	1350	7,085
302	3,620	3,750	1944	9,314
303	2,400	1,875	1620	5,895
304	8,100	6,860	3888	18,848
305	5,100	5,250	2160	12,510
306	3,750	3,340	1350	8,440
total	25,930	23,850	12312	62,092
total cost of jobs completed
jobs
301			7,085
302			9,314
303			5,895
305			12,510
total cost of jobs completed			34,804
cost of jobs sold and sale price
jobs			COGS		Sale
301			7,085		8,250
302			9,314		11,200
303			5,895		15,000
total			22,294		34,450
1)	Journal Entries
	Account titles & Explanations				Debit	Credit
a)	Raw materials inventory				29,800
	Accounts payable					29,800
b)	Work in process inventory				49,780
	Factory overhead				5,180
	Raw materials invetory					27,010
	Factory wages payable					27,950
c)	Factory overhead				5,500
	accounts payable					5,500
d)	Factory overhead				1,980
	Accumulated depreciation					1,980
e)	work in process inventory				12312
	Factory overhead					12312
f)	finished goods inventory				34,804
	work in process inventory					34,804
g)	accounts receivable				34,450
	sales					34,450
	Cost of goods sold				22,294
	Finished goods inventory					22,294
2)	T-Account
	work in process inventory
	b)	49,780	f)	34,804
	e)	12312
	end bal	27,288
	finished goods inventory
	f)	34,804	g)	22,294
	end bal	12,510
3)	Schedule of unfinished jobs
		Direct	Direct	Overhead	total
	Job	materials	labor	applied
	304	8,100	6,860	3888	18,848
	306	3,750	3,340	1350	8,440
	total				27,288
4)	Schedule of finished jobs
		Direct	Direct	Overhead	total
	Job	materials	labor	applied
	305	5,100	5,250	2160	12,510