Question: I need HELP completing (G) and the method to solve for the T-ACCOUNTS and so on. PLEASE include the step for solving for :COST OF
I need HELP completing (G) and the method to solve for the T-ACCOUNTS and so on. PLEASE include the step for solving for :COST OF GOOD SOLD & FINISHED GOODS
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, $30,100. | |
| b. Materials requisitioned and factory labor used: |
| Job | Materials | Factory Labor |
|---|---|---|
| 301 | $3,110 | $2,720 |
| 302 | 3,710 | 3,810 |
| 303 | 2,400 | 1,970 |
| 304 | 8,500 | 6,870 |
| 305 | 5,210 | 5,410 |
| 306 | 3,850 | 3,290 |
| For general factory use | 1,080 | 4,120 |
| c. Factory overhead costs incurred on account, $5,440. | |
| d. Depreciation of machinery and equipment, $1,980. | |
| e. The factory overhead rate is $53 per machine hour. Machine hours used: |
| Job | Machine Hours |
| 301 | 25 |
| 302 | 35 |
| 303 | 32 |
| 304 | 73 |
| 305 | 38 |
| 306 | 24 |
| Total | 227 |
| f. Jobs completed: 301, 302, 303 and 305. | |
| g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290. |
| 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.*
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