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, $30,100.
	b. Materials requisitioned and factory labor used:

Job	Materials	Factory Labor
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
Total	227

	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.

Required:

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 the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically 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 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 provided for the exact wording of the answer choices for text entries.

CHART OF ACCOUNTS

Kurtz Fencing Inc.

General Ledger

	ASSETS
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

	LIABILITIES
210	Accounts Payable
221	Utilities Payable
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

	REVENUE
410	Sales
610	Interest Revenue

Amount DescriptionsBalance of Work in Process, March 31Finished Goods, March 31 (Job 305)Job No. 301Job No. 302Job No. 303Job No. 304Job No. 305Job No. 306