eBook Print Item 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 on account, $31,030. b. Materials requisitioned and factory labor used: Job Materials Factory Labor. 301 $3,060 $2,710 302 3,640 3.820 303 2.430 1,870 304 8,280 7,010 305 5,340 5,100 306 3,790 3,170 For general factory use 1,060 4.260 c. Factory overhead costs incurred on account, $5,290 d. Depreciation of machinery and equipment $1,980. e. The factory overhead rate is $52 per machine hour. Machine hours used 4 eBook Job Machine Hours 301 23 302 37 303 29 304 70 305 40 306 23 Total 222 P 1 Jobs completed: 301, 302, 303 and 305.1 g. Jobs were shipped and customers were billed as follows. Job 301, $8,430, Job 302. 510,960, Job 303, $15,550. Required: 1. Journalze the entries to record the summarized operations. Record each dem (eems a-t) as an individual entry on December 31. Record tem gas 2 entries 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 CHART OF ACCOUNTS Ottoson 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 FakeAssignment/takeAssignmeraMain.do?i eBook 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 Print 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 DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 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. T Accounts Instructions b e Bal Bal Work in Process Finished Goods O Points 6/12 < eBook Print Item 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Schedule of Unfinished Jobs Instruction Question not attempted. Job Ottoson Fencing Inc. Schedule of Unfinished Jobs Direct Materials Score: 0/50 Direct Labor Factory Overhead Total Points: 0/12 Schedule of Completed Jobs 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Schedule of Completed Jobs Instruction Question not attempted. Feedback Job Ottoson Fencing Inc. Schedule of Completed Jobs Direct Materials Shaded cells have feedback Score: 0/21 Direct Labor Factory Overhead Total Points 015