Entries and Schedules for Unfinished Jobs and Completed Jobs Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for January 2016, the first month of operations: a. Materials purchased on account, $1,970. b. Materials requisitioned and factory labor used: Job Materials Factory Labor No. 301 $2,900 $1,840 2,240 No. 302 3,920 1,490 5,040 No. 303 No. 304 No. 305 No. 306 For general factory use 1,910 7,190 5,480 3,200 2,340 630 3,480 4,290 c. Factory overhead costs incurred on account, $3,510. d. Depreciation of machinery and equipment, $2,060. e. The factory overhead rate is $75 per machine hour. Machine hours used: Machine Hours Job No. 301 Job Machine Hours No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 Total 214 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,390; Job 302, $10,720; Job 303, $16,390. Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank, Entres Description Debit Credit Materials 1,970 Accounts Payable 1,970 Work in Process Factory Overhead Materials Wages Payable Factory Overhead Accounts Payable Factory Overhead Accumulated Depreciation Machinery and Equipment Work in Process Factory Overhead hed Goods Work in Process Accounts Receivable Sales & Cost of Goods Sold 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 Work in Process 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. casequipment Company Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total No. 304 $ No. 306 Balance of Work in Process, January 30 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Staircase Equipment Company Schedule of Completed Jobs Job Direct Labor Direct Materials $ Factory Overhead Total Finished Goods, January 30 (Job 305)