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:

Job		Materials	Factory Labor
	a. Materials purchased on account, $30,100.
	b. Materials requisitioned and factory labor used:
301		$3,110	$2,720
302		3,710	3,810
303		2,400	1,970
304		8,500	6,870
305		5,210	5,410
306		3,850	3,290
For general factory use		1,080	4,120

c. Factory overhead costs incurred on account, $5,440.

d. Depreciation of machinery and equipment, $1,980.

e. The factory overhead rate is $53 per machine hour. Machine hours used:

Job

Machine Hours

301

25

302

35

303

32

304

73

305

38

306

24

227

Required:

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.

1.

Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on March 31. Record item g as 2 entries. Refer to the Chart of Accounts for exact wording of account titles.

2.

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. For grading purposes enter transactions in alphabetical order. 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.

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.