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 2016, 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:

 

 

Job	Machine hours
301	25
302	36
303	30
304	72
305	40
306	  25
Total	228

 

f.      Jobs completed: 301, 302, 303 and 305.

g.     Jobs were shipped and customers were billed as follows: Job 301, $8,250; Job 302,

$11,200;  Job  303, $15,000.

Instructions

1.     Journalize the entries to record the summarized operations.

2.     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.

3.     Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4.     Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.