Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $28,610. b. Materials reauisitioned and lactory labor used: c. Factory overhaad costs incurred on acoount, $5,710. d. Depreciation of machinery and equipment, $1,910. 0. The factory overtead rase is $55 per machine hour. Machins hours used: c. Factory overhead costs incurred on account, $5,710. d. Depreciation of machinery and equipment, $1,910. e. The factory overhead rate is $55 per machine hour. Machine hours used: 1. Jobs completed: 301,302,303 and 305 . 9. Jobs were shipped and customers were billed as follows: Job 301, $8.520; Job 302,510,770; Job 303,$15.650. g. Jobs were shipped and customers were blled as follows: Job 301,$8,520;J0b302,$10,770; Job 303,$15,650. Required: 1. Journalize the entries to record the summarized operations. Pecord each item (items a-t) as an individual entry on March 31 . Record item g as 2 entries. Fefer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use wines for spaces or joumal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or ship a line beween joumal entries. CNOW joumais 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 letters as transaction codes. insert memo account balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Devermine the comect ending balance. The ending balance label is provided on the feft side of the T account even when the onding bakance is a credic The unused cell on the balance line should be left blank. 3. Prepsre 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 firished goods account." "Hefer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries: 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 Prapaid Exponses 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 Uilities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreclation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 interest Expense 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LABILITIES 210 Acoounts Payable 221 Utities Payabie 231 Notes Payable 238 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 income Summary
