Instructions 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, $30,100. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $3,110 $2,720 302 3,710 3,810 303 2,400 1,970 304 8,500 6,870 305 5,210 5,410 306 3,850 3,290 For general factory use 1,080 4,120 c. Factory overhead costs incurred on account, $5,440. d. Depreciation of machinery and equipment, $1,980. e. The factory overhead rate is $53 per machine hour. Machine hours used: Job Machine Hours 301 25 302 35 303 32 304 73 305 38 306 24 Total 227 f. Jobs completed: 301, 302, 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,990; Job 302, $10,960; Job 303, $14,290. 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. General Journal 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. Shaded General Journal Instructions How does grading work? DATE 1 Dec. 31 Materials 2 Accounts Payable 3 Dec. 31 Work in Process 4 Factory Overhead 5 6 Materials Wages Payable DESCRIPTION JOURNAL PAGE 10 Score: 221/225 ACCOUNTING FOLIATION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 30,100.00 30,100.00 50,850.00 5,200.00 27,860.00 28,190.00 7 Dec. 31 Factory Overhead 5,440.00 8 Accounts Payable 5,440.00 9 Dec. 31 Factory Overhead 1,980.00 10 Accumulated Depreciation-Machinery and Equipment 1,980.00 11 Dec. 31 Work in Process 12,301.00 12 Factory Overhead 12,301.00 13 Dec. 31 Finished Goods 35,230.00 14 Work in Process 35,230.00 15 Dec. 31 Accounts Receivable 33,240.00 16 Sales 33,240.00 17 Dec. 31 Cost of Goods Sold 22,596.00 18 Finished Goods 22,596.00 T Accounts 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. T Accounts Instructions b e Bal. Work in Process f f Bal. Finished Goods g Points: 6/12 Schedule of Unfinished Jobs 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Schedule of Unfinished Jobs Instruction Question not attempted. 1 Job 2 3 4 Ottoson Fencing Inc. Schedule of Unfinished Jobs Direct Materials Shaded cells have feedback. Score: 0/50 Direct Labor Factory Overhead Total Points: 0/12 Schedule of Completed Jobs 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Schedule of Completed Jobs Instruction Question not attempted. Job 1 2 Ottoson Fencing Inc. Schedule of Completed Jobs Direct Materials Shaded cells have feedback. Score: 0/21 Direct Labor Factory Overhead Total Points: 0/5