Obj. 2 Work in Process lance, $11,840 PR 2-2A Entries and schedules for unfinished jobs and completed jobs 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, $45,000 b. Materials requisitioned and factory labor used: EL TEMPLATE Job 301 302 303 304 305 306 For general factory use Materials $1,850 3.150 2,200 1,800 4,230 1,770 1,200 Factory Labor $2,500 7,220 5,350 2,400 6,225 2,900 5,000 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: Job Machine Hours 301 302 303 304 305 306 Total 30 60 41 63 70 36 300 f. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16, 150; Job 303, $13.400. Instructions 1. Joumalize the entries to record the summarized operations. 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. 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. Obj. 2