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, $28,790. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $5,600. d. Depreciation of machinery and equipment, $1,970. e. The factory overhead rate is $53 per machine hour. Machine hours used: f. Jobs completed: 301,302,303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301,$8,270; Job 302,$11,720; Job 303,$15,730. 1. Joumalize the entries to record the summarized operations. Record each item (items a-1) 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 tites. 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 identitying 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 onding balance. The ending balance label is provided orr the left side of the T account even when the ending balance is a credic. The unused coll 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 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 REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses Chart of Accounts 181 Land 191 Machinery and Equipment 192 Accumulated Depreciation-Machinery and Equipment 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense 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