Business, 23.04.2021 17:00 19thomasar

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: Materials purchased on account, $2,500. Materials requisitioned and factory labor used: Job Materials Factory Labor
301 $2,260 $1,990
302 2,760 2,690
303 1,830 1,310
304 6,190 4,940
305 3,930 3,760
306 2,870 2,390

For general factory use 770 2,950

Factory overhead costs incurred on account, $4,320. Depreciation of machinery and equipment, $1,410. The factory overhead rate is $70 per machine hour. Machine hours used:

Job Machine Hours
301 36
302 15
303 42
304 74
305 38
306 41
Total 246

Jobs completed: 301, 302, 303, and 305.

Jobs were shipped and customers were billed as follows: Job 301, $7,370; Job 302, $7,980; Job 303, $14,850.

Required:
Journalize the entries to record the summarized operations.

Answers: 3

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Tybee Industries Inc. uses a job order cost system. The following data summarize the operations rela...

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