Kaymer 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, $28,790. b. Materials requisitioned and factory labor used: JobMaterialsFactory Labor301$2,880$2,9103023,6903,8603032,3001,7803047,8206,9903055,3105,0503063,7003,280For general factory use1,0704,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: JobMachine Hours301253023430330304713054230626Total228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required:1.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. 2.Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.3.Prepare a schedule of unfinished jobs to support the balance in the work in process account.* Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.* ### Schedule of Unfinished Jobs1. **Instruction**: Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.2. **Table: Kaymer Industries Inc. - Schedule of Unfinished Jobs** - Columns: Job, Direct Materials, Direct Labor, Factory Overhead, Total - Rows: Balance of Work in Process, January 30### Schedule of Completed Jobs1. **Instruction**: Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.2. **Table: Kaymer Industries Inc. - Schedule of Completed Jobs** - Columns: Job, Direct Materials, Direct Labor, Factory Overhead, Total### T Accounts1. **Instruction**: Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.2. **Diagram: T Accounts** - **Work in Process** - Entry placeholders with dropdown arrows for transaction codes. - Balance placeholder at the bottom. - **Finished Goods** - Entry placeholders with dropdown arrows for transaction codes. - Balance placeholder at the bottom. # Journalizing Entries## Instructions1. Journalize the entries to record the summarized operations.2. Record each item (items a-f) as an individual entry on January 31.3. Record item g as 2 entries.4. Refer to the chart of entries.## Journal Format| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY ||------|-------------|------------|-------|--------|--------|-------------|--------|| 1 | | | | | | | || 2 | | | | | | | || 3 | | | | | | | || 4 | | | | | | | || 5 | | | | | | | || 6 | | | | | | | || 7 | | | | | | | || 8 | | | | | | | || 9 | | | | | | | || 10 | | | | | | | || 11 | | | | | | | || 12 | | | | | | | || 13 | | | | | | | || 14 | | | | | | | || 15 | | | | | | | || 16 | | | | | | | || 17 | | | | | | | || 18 | | | | | | | | ### ExplanationThis table is designed to help students practice journalizing business operations by entering them in a journal format. Each row provides a space for a specific date, description of the transaction, post reference, debit, credit, and the effects on assets, liabilities,

Name: Kaymer Industries Inc. uses a job order cost system. The following dat
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Description: Kaymer 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, $28,790. b. Materials requisitioned and factory labo

Job order costing system is breaking down the cost structure to record all the cost incurred for the…

Kaymer 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, $28,790. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,880 $2,910 302 3,690 3,860 303 2,300 1,780 304 7,820 6,990 305 5,310 5,050 306 3,700 3,280 For general factory use 1,070 4,180 c. Factory overhead costs incurred on account, $5,600. d. Depreciation of factory machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 34 303 30 304 71 305 42 306 26 Total 228 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730. Required: 1. 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. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.* Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kaymer 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, $28,790.
	b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
301	$2,880	$2,910
302	3,690	3,860
303	2,300	1,780
304	7,820	6,990
305	5,310	5,050
306	3,700	3,280
For general factory use	1,070	4,180

	c. Factory overhead costs incurred on account, $5,600.
	d. Depreciation of factory machinery and equipment, $1,970.
	e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job	Machine Hours
301	25
302	34
303	30
304	71
305	42
306	26
Total	228

	f. Jobs completed: 301, 302, 303, and 305.
	g. Jobs were shipped and customers were billed as follows: Job 301, $8,270; Job 302, $11,720; Job 303, $15,730.

	Required:
1.	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.
2.	Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.
3.	Prepare a schedule of unfinished jobs to support the balance in the work in process account.*
	Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.*

### Schedule of Unfinished Jobs

1. **Instruction**: Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

2. **Table: Kaymer Industries Inc. - Schedule of Unfinished Jobs**
- Columns: Job, Direct Materials, Direct Labor, Factory Overhead, Total
- Rows: Balance of Work in Process, January 30

### Schedule of Completed Jobs

1. **Instruction**: Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

2. **Table: Kaymer Industries Inc. - Schedule of Completed Jobs**
- Columns: Job, Direct Materials, Direct Labor, Factory Overhead, Total

### T Accounts

1. **Instruction**: Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.

2. **Diagram: T Accounts**
- **Work in Process**
- Entry placeholders with dropdown arrows for transaction codes.
- Balance placeholder at the bottom.

- **Finished Goods**
- Entry placeholders with dropdown arrows for transaction codes.
- Balance placeholder at the bottom.

# Journalizing Entries

## Instructions

1. Journalize the entries to record the summarized operations.
2. Record each item (items a-f) as an individual entry on January 31.
3. Record item g as 2 entries.
4. Refer to the chart of entries.

## Journal Format

| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY |
|------|-------------|------------|-------|--------|--------|-------------|--------|
| 1 | | | | | | | |
| 2 | | | | | | | |
| 3 | | | | | | | |
| 4 | | | | | | | |
| 5 | | | | | | | |
| 6 | | | | | | | |
| 7 | | | | | | | |
| 8 | | | | | | | |
| 9 | | | | | | | |
| 10 | | | | | | | |
| 11 | | | | | | | |
| 12 | | | | | | | |
| 13 | | | | | | | |
| 14 | | | | | | | |
| 15 | | | | | | | |
| 16 | | | | | | | |
| 17 | | | | | | | |
| 18 | | | | | | | |

### Explanation

This table is designed to help students practice journalizing business operations by entering them in a journal format. Each row provides a space for a specific date, description of the transaction, post reference, debit, credit, and the effects on assets, liabilities,

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