Reference no: EM131065809

Tybee Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations: a. Materials purchased on account, $31,030. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,060 $2,710 302 3,640 3,820 303 2,430 1,870 304 8,280 7,010 305 5,340 5,100 306 3,790 3,170 For general factory use 1,060 4,260 c. Factory overhead costs incurred on account, $5,290. d. Depreciation of machinery and equipment, $1,960. e. The factory overhead rate is $52 per machine hour. Machine hours used: Job Machine Hours 301 23 302 37 303 29 304 70 305 40 306 23 Total 222 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,430; Job 302, $10,960; Job 303, $15,550. Required: A. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on January 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles. B. 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. C. Prepare a schedule of unfinished jobs to support the balance in the work in process account.* D. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.* * Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.