Amount Descriptions Balance of Work in Process, March 31 Finished Goods, March 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. 4. Propare a schodule of completed jobs on hand to support the balance in the finished goods account. Fefer fo the fist of Amount Doscriptions provided for the exact wording of the answer choices for text entries. Kurtz Fencing lnc. uses a inb order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchasod on account, $45,000. b. Materials reguisitioned and tactory labor used c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,500. e. The factory overhead rate is $30 per machine hour, Machine hours used: \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & DATE & sescepton & Fost. an: & otait & CAroIT & Assets & LaBumes & EQuITY \\ \hline 1 & & & & & & & & \\ \hline 2 & & & & & & & & \\ \hline 1 & & & & & & & & \\ \hline 4 & & & & & & & & \\ \hline 5 & & & & & & & & \\ \hline 6 & & & & & & & & \\ \hline 7 & & & & & & & & \\ \hline 1 & & & & & & & & \\ \hline , & & & & & & & & \\ \hline 10 & & & & & & & & \\ \hline II & & & & F & & & & \\ \hline 1) & & & & & & & & \\ \hline ts & & & & & & & & \\ \hline 14 & & & & & & & & \\ \hline is & & & & & & & & \\ \hline is & & & & & & & & \\ \hlinep & & & & & & & & \\ \hline 11 & & & & & & & & \\ \hline \end{tabular} CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equip 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using me identilying letters as transaction codes. insert momo account balances as of the end of the moneh. For grading purposes enter transactions in alphabetical order. Detemine the correct ending batance. The ending balance label is providad on the left side of the T account even when the ending balance is a crodil The unuspd cot on the balance line should be lef blank. f. Jobs completed: 301,302,303, and 305 . g. Jobs wero shlpped and customers were billed as follows: Job 301, \$8,500; Job 302, \$16,150; Job 303, \$13,400. Required: 1. Joumalize the entries to rocord the summarized oporations, Fecord each itom (items a-f) as an individual entry on March s1. Focord item g as 2 entries. Aefer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for spaces or joumal explanations. Every line on a fournal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is ontered. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying lotters as transaction codes. Insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. 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 coll 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