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: Materials M Factory Lal Job 301 $ 1,850 $2.500 3.150 T220 2200 5,350 2.400 1.800 4.220 0.225 2.000 3.000 For general factory use 1.200 c. Factory overhead costs incurred on account, $1 800 d. Depreciation of machinery and equipment, $2.500 The factory overhead rate is $30 per machine hour Machine hoursused Job Machine Hours f. Jobs completed 301, 302, 303, and 305. 2. Jobs were shipped and customers were billed as follows: Job 301. $8.500; Job 302. $18.150: Job 303, 513.400. Required: 1. Journalize the entries to record the summarized operations. Record each item (items 2.) as an individual entry on March 31 Record item gas 2 entries Refer to the Chart of Accounts for exact wording of account titles 2. Foat the appropriate entries to accounts for Work in Frocess and Finished Goog wong the dentifying letters as transaction codes Insert memo account balances as of the end of the month For grading ourposes enter transactions in a chabetical order Determine the correct ending balance. The ending balance label is provided on the left side of the account even when the ending balance is a credit The unused cell on the balance line should be left blank 3. Prepare a schedule of unfinished jobu to support the balance in the work in Crocet account 4. Prepare a schedule of completed jobs on hand to support the balance in the finished good count Refer to the N or Amount Datortions for the world of the answer for text entries TAccounts 2 Pout the appropriate entries to accounts for Work in Process and Finished Goods, using the identifying lettere a transaction codes her memo account balances me of the end of the month For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label in provided on the left side of the account even when the ending balance in a credit. The unused cell on the balance ine should be left blank Work in Process Finished Goods CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS REVENUE 410 Sales 810 Interest Revenue 110 Cash 121 Accounts Receivable 125 Notes Receivable 120 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 102 Accumulated Depreciation Machinery and Equipme EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Seling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 581 Depreciation Expense Machinery and Equipment 500 Miscellaneous Expense 710 Interest Expense LABILMES 210 Accounts Payable 221 UiTties Payable 231 Notes Payable 238 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary
