Kaymer Industries Inc. uses a job order cost system. The following data summarize the operations related to production for January, the first month of operations: a. Materials purchased on account, $29,230. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2,890 $2,450 302 3,530 3,310 303 2,340 1,620 304 7,920 6,080 305 5,030 4,630 306 3,670 2,940 For general factory use 980 3,630 c. Factory overhead costs incurred on account, $5,520. d. Depreciation of factory machinery and equipment, $1,740. e. The factory overhead rate is $40 per machine hour. Machine hours used: Job Machine Hours 301 26 302 34 303 19 304 69 305 34 306 33 Total 215 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $7,660; Job 302, $9,840; Job 303, $13,690. Required: 1. Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. C. Entries a. Materials Accounts Payable b. Work in Process Factory Overhead Materials Wages Payable Factory Overhead Accounts Payable d. Factory Overhead Description Debit Credit 29,230 Accumulated Depreciation-Machinery and Equipment 29,230 11 11 1111 10 10 1000 e. Work in Process Factory Overhead f. Finished Goods Work in Process g. Accounts Receivable Sales Cost of Goods Sold Finished Goods 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. 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. (b) Bal. Work in Process (f) (f) Bal. Finished Goods |(g) 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Kaymer Industries Inc. Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total No. 304 No. 306 Balance of Work in Process, January 30 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Kaymer Industries Inc. Schedule of Completed Jobs Job Direct Materials Direct Labor Factory Overhead Total Finished Goods, January 30 (Job 305)