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, $20,580. b. Materials requisitioned and factory labor used: Materials Job 301 Factory Labor $2.760 3,770 1,860 $3,030 3,400 2,520 302 303 304 8,290 6,880 305 5,000 5,490 306 3.410 3,890 1.130 For general factory use 4,190 c. Factory overhead costs incurred on account, $5,670 d. Depreciation of machinery and equipment, $2.050. e. The factory overhead rate is $52 per machine hour. Machine hours used: Job Machine Hours 301 27 Instructions JOD Machine Hours 301 27 302 38 303 28 304 73 305 38 306 27 Total 231 1. Jobs completed: 301, 302, 303 and 305 Jobs were shipped and customers were billed as follows: Job 301, 58.340; Job 302, 510,880; Job 303, 515,310 Required: 1. Journalize the entries to record the summarized operations. Record each item (homs -) as an individual entry on March 31. Record itemg as 2 entries. Refer to the Chart of Accounts for exact wording of account ttles. 2. Post the appropriate entries to 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. For grading purposes enter transactions in aphabetical 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 Nne should be left blank 3. Precem a schedule of unfinished is to support the balance in the work in ons mount Ins Chart of Accounts ASSETS REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 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 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrativo Expenses 561 Depreciation Exponso-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable ns Journal DATE DESCRIPTION POST. REF DEBIT CREDIT Kul 1 2 3 4 5 5 7 8 9 10 11 12 13 14 15 16 17 18 For unlinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions Journal T Accounts T Accounts 2. Post the appropriate entries to accounts for Work in Process and Finished Goods, using the terwying letters as transaction code. Most nemo account balances as of the end of month. For grading purposes onitor transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the fort side of the account even when the ending balonces credit. The unused call on the balance in should be left blank Work in Process BA 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 chaices for text entries Kurtz Fencing Ina Schedule of Unfinished Jobs Job Direct Materials Direct Labor Factory Overhead Total 2 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 for the exact wording of the answer choices for text entries. Kurtz Fencing inc Schedule of Completed Jobs Direct Labor Factory Overhead Total Direct Materials Job 1 2