Tybee Industries Inc uses a job order cost system The follow

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: Materials Factory Labor Job 301 302 303 304 305 306 For general factory use1,080 $2,960 3,620 2,400 8,100 5,100 3,750 $2,775 3,750 1,875 6,860 5,250 3,340 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:

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JOURNAL	ACCOUNTING EQUATION
DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT	ASSETS	LIABILITIES	EQUITY
Jan. 31	Materials		29800		29800
	Accounts payable			29800		29800
	(To record materials purchased on account)
Jan. 31	Work in process		49780		49780
	Factory overhead		5180				-5180
	Materials			27010	-27010
	Wages payable			27950		27950
	(To record materials requisitioned and factory labor used)
Jan. 31	Factory overhead		5500				-5500
	Accounts payable			5500		5500
	(To record factory overhead costs incurred on account)
Jan. 31	Factory overhead		1980				-1980
	Accumulated depreciation-machinery and equipment			1980	-1980
	(To record depreciation on machinery and equipment)
Jan. 31	Work in process (228 x $54)		12312		12312
	Factory overhead			12312			12312
	(To record factory overheads applied)
Jan. 31	Finished goods		34804		34804
	Work in process			34804	-34804
	(To record jobs completed and transferred)
Jan. 31	Accounts receivable		34450		34450
	Sales			34450			34450
	(To record sales)
Jan. 31	Cost of goods sold		22294				-22294
	Finished goods			22294	-22294
	(To record the cost of goods sold)