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:
Materials purchased on account, $1,870.
Materials requisitioned and factory labor used:
Job Materials Factory Labor 301 $2,300 $2,400 302 2,810 3,240 303 1,860 1,580 304 6,300 5,950 305 4,000 4,540 306 2,920 2,880 For general factory use 780 3,550
Factory overhead costs incurred on account, $4,390.
Depreciation of machinery and equipment, $1,700.
The factory overhead rate is $40 per machine hour. Machine hours used:
Job Machine Hours 301 36 302 15 303 42 304 74 305 38 306 41 Total 246
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $7,370; Job 302, $7,980; Job 303, $14,850.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.
Entries Description Debit Credit a. Materials Accounts Payable b. Work in Process Factory Overhead c. Factory Overhead Accounts Payable d. Factory Overhead Accumulated Depreciation-Machinery and Equipment e. Work in Process Factory Overhead f. Finished Goods Work in Process g. Accounts Receivable Sales Cost of Goods Sold Finished Goods
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.
Work in Process (b) (f) (e) Bal.
Finished Goods (f) (g) Bal.
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Tybee Industries Inc.
Schedule of Unfinished Jobs
Job Direct Materials Direct Labor Factory Overhead Total No. 304 $ $ $ $ No. 306 Balance of Work in Process, January 30 $
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
Tybee Industries Inc.
Schedule of Completed Jobs
Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305) $ $
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:
Materials purchased on account, $1,870.
Materials requisitioned and factory labor used:
| Job | Materials | Factory Labor | ||
| 301 | $2,300 | $2,400 | ||
| 302 | 2,810 | 3,240 | ||
| 303 | 1,860 | 1,580 | ||
| 304 | 6,300 | 5,950 | ||
| 305 | 4,000 | 4,540 | ||
| 306 | 2,920 | 2,880 | ||
| For general factory use | 780 | 3,550 | ||
Factory overhead costs incurred on account, $4,390.
Depreciation of machinery and equipment, $1,700.
The factory overhead rate is $40 per machine hour. Machine hours used:
| Job | Machine Hours | ||
| 301 | 36 | ||
| 302 | 15 | ||
| 303 | 42 | ||
| 304 | 74 | ||
| 305 | 38 | ||
| 306 | 41 | ||
| Total | 246 | ||
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301, $7,370; Job 302, $7,980; Job 303, $14,850.
Required:
1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Entries | Description | Debit | Credit |
|---|---|---|---|
| a. | Materials | ||
| Accounts Payable | |||
| b. | Work in Process | ||
| Factory Overhead | |||
| c. | Factory Overhead | ||
| Accounts Payable | |||
| d. | Factory Overhead | ||
| Accumulated Depreciation-Machinery and Equipment | |||
| e. | Work in Process | ||
| Factory Overhead | |||
| f. | Finished Goods | ||
| Work in Process | |||
| g. | Accounts Receivable | ||
| Sales | |||
| Cost of Goods Sold | |||
| Finished Goods |
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.
| Work in Process | |||
|---|---|---|---|
| (b) | (f) | ||
| (e) | |||
| Bal. | |||
| Finished Goods | |||
|---|---|---|---|
| (f) | (g) | ||
| Bal. | |||
3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.
| Tybee Industries Inc. Schedule of Unfinished Jobs | ||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| No. 304 | $ | $ | $ | $ | ||||
| No. 306 | ||||||||
| Balance of Work in Process, January 30 | $ | |||||||
4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
| Tybee Industries Inc. Schedule of Completed Jobs | ||||||||
|---|---|---|---|---|---|---|---|---|
| Job | Direct Materials | Direct Labor | Factory Overhead | Total | ||||
| Finished Goods, January 30 (Job 305) | $ | $ | ||||||
Related questions
Entries and Schedules for Unfinished Jobs and Completed Jobs
Staircase Equipment Company uses a job order cost system. Thefollowing data summarize the operations related to production forApril 2014, the first month of operations:
Materials purchased on account, $1,940.
Materials requisitioned and factory labor used:
| Job | Materials | FactoryLabor | ||
| No. 301 | $2,280 | $3,100 | ||
| No. 302 | 2,780 | 4,190 | ||
| No. 303 | 1,850 | 2,050 | ||
| No. 304 | 6,250 | 7,690 | ||
| No. 305 | 3,970 | 5,860 | ||
| No. 306 | 2,900 | 3,720 | ||
| For general factory use | 780 | 4,590 | ||
Factory overhead costs incurred on account, $4,350.
Depreciation of machinery and equipment, $2,200.
The factory overhead rate is $60 per machine hour. Machine hoursused:
| Job | MachineHours | |
| No. 301 | 36 | |
| No. 302 | 45 | |
| No. 303 | 44 | |
| No. 304 | 69 | |
| No. 305 | 16 | |
| No. 306 | 33 | |
| Total | 243 | |
Jobs completed: 301, 302, 303, and 305.
Jobs were shipped and customers were billed as follows: Job 301,$9,050; Job 302, $11,600; Job 303, $18,970.
Post the appropriate entries to T accounts for Work in Processand Finished Goods, using the identifying letters as transactioncodes. Insert memo account balances as of the end of the month.
| Workin Process | |||
|---|---|---|---|
| Select(a)(b)(c)(d)(f)(g)Item 41 | Select(a)(b)(c)(d)(e)(f)(g)Item 43 | ||
| Select(a)(c)(d)(e)(f)(g)Item 45 | |||
| Bal. | |||
| Finished Goods | |||
|---|---|---|---|
| Select(a)(b)(c)(d)(e)(f)(g)Item 48 | Select(a)(b)(c)(d)(e)(f)(g)Item 50 | ||
| Bal. | |||
Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,600 of indirect materials and $12,100 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:
| Job 301 | |
| Direct materials | $10,600 |
| Direct labor | 8,300 |
| Factory overhead | 6,557 |
| Total | $25,457 |
| Job 302 | |
| Direct materials | $21,900 |
| Direct labor | 15,000 |
| Factory overhead | 11,850 |
| Total | $48,750 |
| Job 303 | |
| Direct materials | $23,200 |
| Direct labor | 19,000 |
| Factory overhead | â |
| Job 304 | |
| Direct materials | $15,500 |
| Direct labor | 11,100 |
| Factory overhead | â |
Required:
Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.
|
| Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,900 of indirect materials and $13,200 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 | |||||||
| direct material | 10,900 | ||||||
| Direct Labor | 8,900 | ||||||
| Factory Overhead | 5785 | ||||||
| Total | 25,585 | ||||||
| Job 302 | |||||||
| Direct Material | 18,300 | ||||||
| Direct Labor | 17,700 | ||||||
| Factory Overhead | 11,505 | ||||||
| Total | 47505 | ||||||
| Job 303 | |||||||
| Direct Materials | 26,000 | ||||||
| Direct Labor | 16,000 | ||||||
| Factory Overhead | - | ||||||
| Job 304 | |||||||
|
Required:
Journalize the Jan. 31 summary entries to record each of the following operations for January (one entry for each operation). Refer to the Chart of Accounts for exact wording of account titles.
|
