Instructions Kurtz 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, $31,030. b. Materials requisitioned and factory labor used: Job Factory Labor Materials $3,060 301 $2,710 3,820 1,870 3,640 2,430 8,280 5,340 3,790 1,060 7,010 5,100 3,170 4.260 306 For general factory use o. Factory overhead costs incurred on account, 85,200. d. Depreciation of machinery and equipment, $1,960. e. The factory overhead rate is $52 per machine hour. Machine hours used: Job Machine Hours 301 302 23 37 c. Factory overhead costs incurred on account, $5,290. d. Depreciation of machinery and equipment, $1,960. e. The factory overhead rate is $52 per machine hour. Machine hours used: Job Machine Hours Total f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,430; Job 302, $10,960; Job 303, S15,550. CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger REVENUE ASSETS 110 Cash 121 Accounts Receivable 410 Sales 610 Interest Revenue 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 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 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 390 Income Summary 2. Post the appropriate entries to 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 more For grading purposes onder transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the account even when the end sa credit The unused on the balance in should be left blank Work in Process Finished Goods 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account Refer to the list of Amount Descriptions provided for the exact wording of the answer choles for text entries. Kurtz Fencing Inc. Schedule of Unfinished Jobs Direct Materials Direct Labor Factory Overhead 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the provided for the exact wording of the answer choices for text entries Kurtz Fencing in Schedule of Completed Jobs Direct Materials Direct Labee
