Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations:

a. Materials purchased on account, $29,050.b. Materials requisitionedand factory labor used:JobMaterialsFactory Labor301$2,870$2,8703023,6903,7703032,3001,9203048,5107,0503055,0005,2503063,7703,240For general factory use1,0304,110c. Factory overhead costs incurred on account, $5,400.d. Depreciation of machinery and equipment, $2,000.e. The factory overhead rate is $52 per machine hour. Machine hours used:JobMachine Hours301273023530329304703053930625Total225f. Jobs completed: 301, 302, 303 and 305.g. Jobs were shipped and customers were billed as follows: Job 301, $8,310; Job 302, $11,120; Job 303, $14,320.Required:1.Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item gas 2 entries.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.

General Journal

Shaded cells have feedback.

1. Journalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31. Record item gas 2 entries.

Shaded cells have feedback.

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.

T Accounts Instructions

Work in Processb f e Bal.Finished Goodsf g Bal.

Points:

Schedule of Unfinished Jobs

Shaded cells have feedback.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

Schedule of Unfinished Jobs Instruction

Question not attempted.

Ottoson Fencing Inc.Schedule of Unfinished Jobs1JobDirect MaterialsDirect LaborFactory OverheadTotal234

Points:

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods

Ottoson Fencing Inc.Schedule of Completed Jobs1JobDirect MaterialsDirect LaborFactory OverheadTotal2