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, $$30,100.$b$.$ Materials requisitioned$$and factory labor used:

Job

Materials

Factory Labor

$301$$$3,110$$$2,7203023,7103,8103032,4001,9703048,5006,8703055,2105,4103063,8503,290$For general factory use$1,0804,120$

c$.$ Factory overhead costs incurred on account, $$5,440.$d$.$ Depreciation of factory machinery and equipment, $$1,980.$e$.$ The factory overhead rate is $$53$ per machine hour. Machine hours used:

JobMachine Hours$301253023530332304733053830624$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 January $31.$ Record item g$$as $2$ entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered$\mathrm{.}2.$Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank$\mathrm{.}3.$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.

Chart of Accounts

CHART OF ACCOUNTSKaymer Industries Inc.General Ledger

ASSETS$110$Cash$121$Accounts Receivable$125$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

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

REVENUE$410$Sales$610$Interest Revenue

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

Amount Descriptions

Amount DescriptionsJob No$.301$Job No$.302$Job No$.303$Job No$.304$Job No$.305$Job No$.306$

Journal

$1.$ Journalize the entries to record the summarized operations. Record each item $($items a$-$f$)$ as an individual entry on January $31.$ Record item g$$as $2$ entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

PAGE $10$

JOURNAL

ACCOUNTING EQUATION

DATEDESCRIPTIONPOST. REF.DEBITCREDITASSETSLIABILITIESEQUITY

$1$

$$

$2$

$$

$3$

$$

$4$

$$

$5$

$$

$6$

$$

$7$

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$8$

$$

$9$

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$10$

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$11$

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$12$

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$13$

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$14$

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$15$

$$

$16$

$$

$17$

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$18$

$$

T Accounts

$2.$ Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Determine the correct ending balance. The ending balance label is provided on the left side of the T account 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.

Schedule of Unfinished Jobs

$3.$ Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions for the exact wording of the answer choices for text entries.

Kaymer Industries Inc.

Schedule of Unfinished Jobs

$1$

Job

Direct Materials

Direct Labor

Factory Overhead

Total

$2$

$3$

$4$

Balance of Work in Process, January $30$

$$

$$

$$

Schedule of Completed Jobs

$4.$ Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions list for the exact wording of the answer choices for text entries.

Kaymer Industries Inc.

Schedule of Completed Jobs

$1$

Job

Direct Materials

Direct Labor

Factory Overhead

Total

$2$