Kurtz Fencing inc, uses a job order cost system. The following data fummarize the operations related to production for March, the first month of operations: a. Materials purchased on account, $45,000. b. Materials requistioned 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: Insetruetions 1. Jobs completed: 301,302.303, and 305 9. Jobs were shipped and customers were balled as follows: Job 301,$8,500,Job302,$16,150;,50303,$13,400. Pequired: 1. Joumalize the entries to fecord the summarized operations. Rocord each item (items a-1) as an incividual entry on March 31. Record item 9 as 2 entries. Refer to the chart of accounts for the exact wording of the account bdes. CNOW journals do not use lines for spaces or journal 1. Journalize the entries to record the summarized operations. Record each ifem (herms a-t) as an ind vidual entry on March 31 . Fecord item 9 as 2 entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for spaces or joumal explanations. Every Ene on a journal page is used for debit or credit eniries. Do not add explanations or skip a ine between joumal entries. CNOW joumals will astomatically indent a credit entry when a credit amount is entered. 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying lenters as transaction codes. Insert mamo account balances as of the end of the month. For grading purposes enter transactions in alphabetcal order, Determine the correch 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 lett blank. 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 finshed goods account. +Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Chart of Accounts CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses Instructions Chart of Accounts 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payablo 231 Notes Payable Instructions Chart of Accounts 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 390 Income Summary Amount Descriptions Balance of Work in Process, March 31 Finished Goods, March 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 1. Journakize the ontries to recond the summarized operations. Ancord each item (items a-t) as at indiduat enty an March 31. Fecord iem g as 2 enteries. Refer to the charf of accounts for the exact wording of the account titles. CNOW joumals do not use lines for spaces or journal expianatons. Every line on a joumal page is ised ior debit or credt entries Do not add explanabons or skp a line between joumai entries. CNOW joumals will aidomatically indent a credit entiy when a credit amount is entered 2. Post the appropriate entries to T acoounts for Work in Process and Finished Goods, using the identiging letters as transaction codes. Insert memo account bulances as of ithe end of the month. For grading purposes enter transactions in alphabetical order. Determine the covect enofisy baiance, The ending balance habel is provided on the left side of ine T acoourt. even when the ending balance is a credt. The unused cel on the balance line should be left blank Work in Process Bal. Finished Goods Bal. 3. Propare a schedule of unfinished jobs to support the butlance in the work in process acobunt. Aefer to the list of Amount Descriptons providod for the exact wcrding of the answer cholces for text entries. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods acoount. Aelor fo the Ist of Amount Descriptions provided for the exict wording of the answer choices for fext enthies