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, $50,000. b. Materials requisitioned and factory labor used: c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,700. e. The factory overhead rate is $40 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,$9,000; Job 302,$16,150; Job 303 , $12,800. Ottoson Fencing Inc. LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Paya EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 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 1. Journalize the entries fo record the summarized operations. Fecord each item fitems a-1) as an incividual entry an December 31 . Rocord item 9 as 2 entries. 2. Post the appropriate entries to T accounts for Work in Process and Finishod Goods, using the identifying letters as transaction codes. Insert memo acccunt 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. Schedule of Unfinished Jobs instruction 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Schedule of Completed Jobs instruction