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:

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:

f$.$ Jobs completed: $301,302,303,$ and $305.$

g$.$ Jobs were shipped and customers were billed as follows: Job $301,$$$8,500$; Job $302,$$$16,150$; Job $303,$$$13,400.$

Instructions

Journalize the entries to record the summarized operations.

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.

Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Prepare a schedule of completed jobs on hand to support the balance in the finished goods

account.