Instructions (3 photos) this is the charts of accounts (2 photos) A. JOURNAL HAS
ID: 2574795 • Letter: I
Question
Instructions (3 photos)
this is the charts of accounts (2 photos)
A. JOURNAL HAS 18 ROWS
B. T ACCOUNTS
THE BLUE ARROWS SCROLL DOWN TO CHOOSE (A, B, C, D, E, F, G)
CHOOSE THE LETTER AND STATE THE AMOUNT AND BALANCE
C. SCHEDULE OF UNFISHED JOBS
D. SCHEDULE OF COMPLETED JOBS
THANK YOU!!!
Instructions 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, $31,030 b. Materials requisitioned and factory labor used Job 301 302 303 304 305 306 For general factory use Materials Factory Labor $3,060 3,640 2,430 8,280 5,340 3,790 1,060 $2,710 3,820 1,870 7,010 5,100 3,170 4,260 c. Factory overhead costs incurred on account, $5,290 d. Depreciation of machinery and equipment, $1,960 e. The factory overhead rate is $52 per machine hour. Machine hours used:Explanation / Answer
a) Material - Debit $31,030
To Accounts Payable 0 Credit $31,030
(being Raw materials purchase on account )
b) Job #301
Work in progress - Debit $3,060
To Materials - Credit $3,060
(being materials issued to Job #301)
Wages expenses - Debit $2,710
To Wages payable - Credit $2,710
(being factory labour used for Job#301)
Job #302
Work in progress - Debit $3,640
To Materials - Credit $3,640
(being materials issued to Job #302)
Wages expenses - Debit $3,820
To Wages payable - Credit $3,820
(being factory labour used for Job#302)
Job #303
Work in progress - Debit $2,430
To Materials - Credit $2,430
(being materials issued to Job #303)
Wages expenses - Debit $1,870
To Wages payable - Credit $1,870
(being factory labour used for Job#303)
Job #304
Work in progress - Debit $8,280
To Materials - Credit $8,280
(being materials issued to Job #304)
Wages expenses - Debit $7,010
To Wages payable - Credit $7,010
(being factory labour used for Job#304)
Job #305
Work in progress - Debit $5,340
To Materials - Credit $5,340
(being materials issued to Job #305)
Wages expenses - Debit $5,100
To Wages payable - Credit $5,100
(being factory labour used for Job#305)
Job #306
Work in progress - Debit $3,790
To Materials - Credit $3,790
(being materials issued to Job #306)
Wages expenses - Debit $3,170
To Wages payable - Credit $3,170
(being factory labour used for Job#303)
General factory use
Work in progress - Debit $1,060
To Materials - Credit $1,060
(being materials issued for general factory use)
Wages expenses - Debit $4,260
To Wages payable - Credit $4,260
(being factory labour used for general factory use)
c) Factory overhead - Debit $5,290
To Accounts payable - Credit $5,290
(being factory overhead incurred)
d) Depreciation - machinery and equipment - Debit $1,960
To Accumulated depreciation - machinery and equipment- Credit $1,960
(being depreciation charged on machinery and equipment)
e) Factory Over head - Debit $11,544
To Wages payable - Credit $11,544
(being factory over head at $52 per hour on labour hours recorded)
f) Finished Goods - Debit $34,678
($6,966+$9,384+$5,808+$12,520)
To Work in progress - Credit $34,678
(being recording of jobs completed for job#301,302,303,305, refer below workings)
g) Accounts receivable - Debit $34,940
To Sales - Credit $34,940
(being billed to customers for job#301,302,302)
Please Note: 1) In case one question with multiple subparts, only first 4 subparts needs be answered as a mandatory requirement and
2) In case of multiple questions only first question (full) with minimum 4 sub parts (in case of more sub parts) needs to be answered as a mandatory requirement.
Calculation of factory over head Job #301 1196 Job #302 1924 Job #303 1508 Job #304 3640 Job #305 2080 Job #306 1196 Total 11544