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+ PR 2-2A Entries and schedules for unfinished jobs and completed jobs Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased an account $50.000. b. Materials requisitioned and factory Jabor used: Job Materials Factory Labor 3.01 $1.850 $2.500 302 3,150 7,220 3.03 2,200 5,350 3.04 1,900 2,300 3.05 4,230 6,225 306 1,779 2,900 Forgeneral factory.use 1,200 5,000 Factory overhead costs jocurred on account. $1,800. d. Depreciation of machinery and equipment $2.700. e. The factory overbead rate is $40 per machine hour Machine bours used: Job Machine Hours 301 30 302 60 303 41 304 63 305 306 36 Total 300 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301. $9.900; Job 302 $16.150: lob. 303. $12.800. Instructions 1. 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 transaction codes. 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 goods 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. 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 goods account. D Account Description Materials purchased on account Materials requisitioned to jobs Factory labor used in production Indirect materials incurred in production Indirect labor incurred in production Factory overhead incurred in production Factory overhead incurred in production e. To record factory overhead applied To record the cost of completed jobs 5 7 a. b. C. d. 3 4 f. 5 Debit Credit Requires data from the exercise that must be entered or proper accounts that must be enter Represents a calculation or formula, or link within the worksheets Need to input material amound for all jobs Need to input labor amounts for all jobs General factory use means it can't be traced to any job and is allocated through factory overhead General factory use means it can't be traced to any job and is allocated through factory overhead Total machine hours x factory overhead rate Cost transferred from WIP to FGs calculated on 'Scheduled of Completed Jobs' B 1 5 g. To record the sale of jobs To record the cost associated with the jobs sold Amounts bills for all jobs shipped Cost of jobs sold computed on 'Scheduled of Completed Jobs' tab. b. b. e. End bal. f. End bal. Work in process Finished goods f. Represents a calculation or formula, or link within the worksheets A Completed Jobs Completed Jobs 104 106 Factory overhead rate 104 106 B C D Schedule of Unfinished Jobs Applied Direct Factory Materials Direct Labor Overhead $ $ $ Total finished goods inventory $ Factory Applied Machine Overhead Factory Hours Rate Overhead $ E Balance of Finished Goods F G H K Should agree to ending balance in work in process T-Account Requires data from the exercise that must be entered Represents a calculation or formula M 2345 6 7 89 Completed Jobs 2123456 101 102 103 105 10 Completed Jobs 11 101 102 103 105 17 Factory overhead rate 18 19 B D Schedule of Completed Jobs Applied Direct Factory Materials Direct Labor Overhead $ $ $ $ Total finished goods inventory $ Quick Analysis (Ctrl+Q) Use the Quick Analysis tool to quickly and easily analyze your data with some of Excel's most useful tools, such as charts, color-coding, and formulas. E Balance of Finished Goods Y ad G H K Requires data from the exercise that must be entered Represents a calculation or formula 1 23 4 5 6 7 89 Completed Jobs 56 Completed Jobs 10 11 101 12 102 13 103 14 105 15 16 17 Factory overhead rate 18 19 101 102 103 105 D Schedule of Completed Jobs Applied Direct Factory Materials Direct Labor Overhead E Balance of Finished Goods $ Total finished goods inventory $ Factory Applied Overhead Factory Rate Overhead Machine Hours G H K Requires data from the exercise that must be entered Represents a calculation or formula