Entries and schedules for unfinished jobs and completed jobs InstructionsChart of AccountsAmount DescriptionsJournalT AccountsSchedule of Unfinished JobsSchedule of Completed Jobs 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, $29,800. b. Materials requisitioned and factory labor used: JobMaterialsFactory Labor301$ 2,960$2,7753023,6203,7503032,4001,8753048,1006,8603055,1005,2503063,7503,340For general factory use1,0804,100 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: JobMachine Hours301253023630330304723054030625Total228 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. Required:1.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.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.* *Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. Chart of Accounts CHART OF ACCOUNTSTybee Industries Inc.General Ledger ASSETS110Cash121Accounts Receivable125Notes Receivable126Interest Receivable131Materials132Work in Process133Factory Overhead134Finished Goods141Supplies142Prepaid Insurance143Prepaid Expenses181Land191Machinery and Equipment192Accumulated Depreciation-Machinery and Equipment LIABILITIES210Accounts Payable221Utilities Payable231Notes Payable236Interest Payable241Lease Payable251Wages Payable252Consultant Fees Payable EQUITY311Common Stock340Retained Earnings351Dividends390Income Summary REVENUE410Sales610Interest Revenue EXPENSES510Cost of Goods Sold520Wages Expense531Selling Expenses532Insurance Expense533Utilities Expense534Office Supplies Expense540Administrative Expenses561Depreciation Expense-Machinery and Equipment590Miscellaneous Expense710Interest Expense Amount Descriptions Amount Descriptions Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 Journal 1. 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.PAGE 10 JOURNALACCOUNTING EQUATION DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 T Accounts 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 Bal. Finished Goods Bal. Schedule of Unfinished Jobs 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries. Tybee Industries Inc.Schedule of Unfinished Jobs1JobDirect MaterialsDirect LaborFactory OverheadTotal2 3 4Balance of Work in Process, January 30 Schedule of Completed Jobs 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries. Tybee Industries Inc.Schedule of Completed Jobs1JobDirect MaterialsDirect LaborFactory OverheadTotal2

Name: Entries and schedules for unfinished jobs and completed jobs Instructi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Entries and schedules for unfinished jobs and completed jobs InstructionsChart of AccountsAmount DescriptionsJournalT AccountsSchedule of Unfinished JobsSchedule of Completed Jobs Instructions Tybee Industries Inc. uses a job order cost system. T

Since you have asked multiple questions we will solve the first question for you,If you want any…

Answered: Tybee Industries Inc. uses a job order…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 2PB: Entries and schedules for unfinished jobs and completed jobs Hildreth Company uses a job order cost...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Entries and schedules for unfinished jobs and completed jobs

Instructions

Chart of Accounts

Amount Descriptions

Journal

T Accounts

Schedule of Unfinished Jobs

Schedule of Completed Jobs

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:

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.

Required:

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.

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.

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

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.

Chart of Accounts

CHART OF ACCOUNTS

Tybee Industries Inc.

General Ledger

	ASSETS
110	Cash
121	Accounts Receivable
125	Notes Receivable
126	Interest Receivable
131	Materials
132	Work in Process
133	Factory Overhead
134	Finished Goods
141	Supplies
142	Prepaid Insurance
143	Prepaid Expenses
181	Land
191	Machinery and Equipment
192	Accumulated Depreciation-Machinery and Equipment

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
231	Notes Payable
236	Interest Payable
241	Lease Payable
251	Wages Payable
252	Consultant Fees Payable

	EQUITY
311	Common Stock
340	Retained Earnings
351	Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Wages Expense
531	Selling Expenses
532	Insurance Expense
533	Utilities Expense
534	Office Supplies Expense
540	Administrative Expenses
561	Depreciation Expense-Machinery and Equipment
590	Miscellaneous Expense
710	Interest Expense

Amount Descriptions

Amount Descriptions
Job No. 301
Job No. 302
Job No. 303
Job No. 304
Job No. 305
Job No. 306

Journal

1. 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.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

T Accounts

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


Bal.

Finished Goods

Bal.

Schedule of Unfinished Jobs

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Tybee Industries Inc.

Schedule of Unfinished Jobs

1	Job	Direct Materials	Direct Labor	Factory Overhead	Total
2
3
4	Balance of Work in Process, January 30

Schedule of Completed Jobs

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries.

Tybee Industries Inc.

Schedule of Completed Jobs

1	Job	Direct Materials	Direct Labor	Factory Overhead	Total
2

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.