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: 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.

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:
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.
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