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, $45,000 b. Materials requisitioned and factory labor used: Job Materials 301 $ 1,850 Factory Labor $2,500 7.220 5,350 302 3,150 303 2 200 304 1,800 305 4,230 1,770 2,400 6.225 2,900 306 For general factory use 1,200 5,000 c. Factory overhead costs incurred on account, $1,800 d Depreciation of machinery and equipment, $2,500 e. The factory overhead rate is $30 per machine hour Machine hours used Instructions 303 4,230 0,223 306 1,770 2,900 For general factory use 1,200 5,000 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,500. e. The factory overhead rate is $30 per machine hour. Machine hours used: Job Machine Hours 301 30 302 60 303 41 304 63 305 70 306 36 Total 200 instructions Job Machine Hours 301 30 302 60 303 304 63 305 70 306 36 Total 300 f Jobs completed: 301, 302, 303, and 306 9 Jobs were shipped and customers were billed as followsJob 301, 88,500, Job 302, 516,150, Job 303, $13,400 Required: 1. Journalize the entries to record the summarized operations Record each item items at) as an individual entry on March 31. Record item gas 2 entries. Refer to the Chart of Accounts for exact wording of accounties Entries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal TAccounts Schedule of Unfinished Jobs Instructions 306 36 Total 300 1. Jobs completed 301, 302, 303, and 305 9 Jobs were shipped and customers were billed as follows Job 301, $8,500, Job 302, 516,150, Job 303, 513.400 Required: 1. Journalce the entries to record the summarized operations. Record each item(items a) as an individual entry on March 31 Record om gas 2 entries. Refer to the Chart of Accounts for exact wording of accounties 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 month. For grading purposes enter transactions in aphabetical order Determine the correct ending balance. The ending balance label is provided on the left side of the Taccount even when the ending balance is a crede The unused cell on the balance line should be left blank 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 "Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries
