PR $19-2$A PR $19-2$A 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:

a$.$ Materials purchased on account, $\backslash (\backslash$$ $29,800\backslash ).$

b$.$ Materials requisitioned and factory labor used:

c$.$ Factory overhead costs incurred on account, $\backslash (\backslash$$ $5,500\backslash ).$

d$.$ Depreciation of machinery and equipment, $\backslash (\backslash$$ $1,980\backslash ).$

e$.$ The factory overhead rate is $\backslash (\backslash$$ $54\backslash )$ per machine hour. Machine hours used:

f$.$ Jobs completed: $\backslash (301,302,303\backslash ),$ and $305.$

g$.$ Jobs were shipped and customers were billed as follows: Job $301,\backslash$$$8,250$; Job $302,\backslash (\backslash$$ $11,200\backslash )$; Job $303,\backslash$$$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.