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, $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 23 305 38 306 24 Total 227 1. Jobs completed: 301, 302, 303 and 305 9. 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 December 31 Record tem 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 Instructions Chart of Accounts Amount Descriptions General Journal TAccounts Chart of Accounts General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Proces 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 102 Accumulated Depreciation-Machinery and Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Usities Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense Check My Work more Check My Work uses remaining Amount Descriptions Amount Descriptions Balance of Work in Process December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No 302 Job No. 303 Job No 304 Job No. 305 Job No. 306 Previous Next> Chart of Accounts 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 590 Miscelaneous Expense 710 Interest Expense Amount Descriptions Amount Descriptions Balance of Work in Process, December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 252 Consultant Fees Payable Job No. 304 EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends Job No. 305 Job No. 306 Instructions Chart of Accounts Amount Descriptions General Journal General Journal Instructions General Journal TAccounts PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 General Journal T Accounts 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 IAccounts Instructions Work in Process Bal Finished Goods Bal x x tries and schedules for unfinished jobs and completed jobs Instructions Chart of Accounts Amount Descriptions General Journal TAccounts Schedule of Completed Jobs Schedule of Unfinished Jobs Prepare a schedule of completed jobs on hand to support the balance in the finished d 3 Prepare a schedule of unfinished jobs to support the balance in the work in process account Schedule of Completed Job instruction Schedule of Unfinished Jops Instruction Ottoson Fencing Inc. Ottoson Fencing inc Schedule of Completed Jobs Schedule of Unfinished Jobs Job Direct Materials Job Direct Materials Direct La