General Journal Shaded cells have feedback. 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. 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, $31,250. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $5,760. d. Depreciation of machinery and equipment, $2,040. e. The factory overhead rate is $55 per machine hour. Machine hours used: f. Jobs completed: 301,302,303 and 305 . g. Jobs were shipped and customers were billed as follows: Job 301 , $8,390; Job 302,$10,860; Job 303,$15,380. Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item g as 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