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, 528,580 b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,760 $3,030 3,490 302 3,770 303 2,520 1,860 304 8,290 6,880 305 5,000 5,490 306 3,890 3.410 For general factory use 1,130 4,190 c. Factory overhead costs incurred on account, $5,670 d. Depreciation of machinery and equipment, 52,050 The factory overhead rate is 652 per machine hour Machine hue lisad Check My Work Instructions e. The factory overhead rate is $52 per machine hour Machine hours used Job Machine Hours 301 27 302 38 303 28 304 73 305 38 306 27 Total 231 1 Jobs completed: 301, 302, 303 and 305 9. Jobs were shipped and customers were billed as follows: Job 301, $8,340; Job 302, 510,880; Job 303, 515,310. Check My Work Journal 1. Journalize the entries to record the summarized operations. Record each Atom (items a-1) as an individual entry on March 31. Record for gas 2 entries Refer to the chart of accounts for the exact wording of the account titles CNOWjournals do not use lines for spaces or journal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skip a line between journal entries CNOW journals will automatically indent a creditentry when a credit amount is entered PWGE 10 JOURNAL ACCOUNTING EQUATION DEBIT POST REF ASSETS CREDIT LIABILITIES DESCRIPTION EQUITY DATE 1 2 3 4 5 6 Journal 5 9 7 6 50 11 12 13 14 15 95 17 TAccounts 2 Post the appropriate entries to Taccounts 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. 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 credit. The unused cell on the balance line should be left blank Work in Process Bal Finished Goods Bal Instructions Chart of Accounts Amount Descriptions Journal TAccounts