Question

_{Entries and Schedules for Unfinished 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, $3,090. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $1,950 $3,010 302 2,380 4,060 303 1,580 1,990 304 5,340 7,460 305 3,390 5,690 3,610 306 2,480 For general factory use 660 4,450 C. Factory overhead costs incurred on account, $3,720. d. Depreciation of machinery and equipment, $2,140. e. The factory overhead rate is $45 per machine hour. Machine hours used:}

Answer 1

1)

Entries	Description	Debit	credit
a	Material	3090
	Accounts payable		3090
b	work in process	17120
	Factory overhead	660
	Material		17780
b-2	work in process	25820
	Factory overhead	4450
	wages payable		30270
c	Factory overhead	3720
	Accounts payable		3720
d	Factory overhead	2140
	Accumulated depreciation-machinery and equipment		2140
e	work in process	10215
	factory overhead(227*45)		10215
f	Finished goods	29675
	work in process		29675
g	Accounts receivable	32380
	sales		32380
	cost of goods sold	19695
	Finished goods		19695

2)

WORK IN PROCESS
B	42940     [17120+25820]	F	29675 (balancing figure)
E	10215
Bal	23480

FINISHED GOODS
F	29675	G	19695 (balancing figure)
Bal	9980

3)

SCHEDULE OF UNFINISHED JOBS
Job no.	Direct material	Direct labor	factory overhead	Total
No.304	5340	7460	68*45=3060	15860
No.306	2480	3610	34*45= 1530	7620
Total	7820	11070	4590	23480

4)

SCHEDULE OF COMPLETED AND UNSOLD JOBS
Job no.	Direct material	Direct labor	factory overhead	Total
No.305	3390`	5690	20*45= 900	9980