Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2010, the first month of operations:

a. Materials purchased on account, $23,400.

b. Materials requisitioned and factory labor used:

c. Factory overhead costs incurred on account, $4,500.d. Depreciation of machinery and equipment, $1,560.e. The factory overhead rate is $50 per machine hour. Machine hours used:

f. Jobs completed: 201, 202, 203, and 205.g. Jobs were shipped and customers were billed as follows: Job 201, $6,540; Job 202, $8,820; Job 203, $11,880.Instructions1. 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 dates. 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 goodsaccount.

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Job Materials Factory Labor No. 201 $2,350 2,875 $2,200 2,970 No. 202 No. 203 1,900 6,450 4,100 1,490 5,460 No. 204 No. 205 4,150 No. 206 2,980 2,650 3,250 For general factory use 860