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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a .
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, $ b Materials requisitioned and factory labor used: Job Materials Factory Labor $ $ For general factory use c Factory overhead costs incurred on account, $ d Depreciation of machinery and equipment, $ e The factory overhead rate is $ per machine hour. Machine hours used: Job Machine Hours Total f Jobs completed: and g Jobs were shipped and customers were billed as follows: Job $; Job $; Job $ Required: Journalize the entries to record the summarized operations. Record each item items af as an individual entry on December Record item g as entries. 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. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
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, $
b Materials requisitioned and factory labor used:
Job
Materials
Factory Labor
$ $
For general factory use
c Factory overhead costs incurred on account, $
d Depreciation of machinery and equipment, $
e The factory overhead rate is $ per machine hour. Machine hours used:
Job Machine Hours
Total
f Jobs completed: and
g Jobs were shipped and customers were billed as follows: Job $; Job $; Job $
Required:
Journalize the entries to record the summarized operations. Record each item items af as an individual entry on December Record item g as entries.
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.
Prepare a schedule of unfinished jobs to support the balance in the work in process account.
Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.
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