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Ottoson Fencing Inc uses job order cestiog. The following data summarize the operatons related to production for December, the first month of operations a. Materials purchased on account, $50,000 b. Materials reguisitioned and factory labor used c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700 e. The factory overhead rate is $40 per machine hour. Machine hours used f. Jobs completed 301,302,303, and 305 9 Jobs were shipped and customers were billed as follows Job 301,$9,000, Job 302,$16,150, Job 303, $12,800 Required: 1. Joumalize the entnes to record the summanzed operations Record each item (items a-t) as an individual entry on December 31 Record item 9 as 2 entries 2. Post the appropnate entres to T accounts for Work in Process and Finished Goods, using the identiyng letters as transaction codes insert memo account balances as of the end of the month 3 Prepare a schedule of unfinshed 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 Amount Descriptions Balance of Work in Process, December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 1. Joumalize the enthes to record the summarized operations Record each iem (Sems a.0) as an individual entry on December 3t Record item 9 as 2 entnes General Lecumatistructions 2. Pust the appropnate entres to T accounts for Work in Process and Finthed Goods, using the identifying leters 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 Schedule of Unfinished Jabs Instruction 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account