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

305

38

306

24

Total

227

	f. Jobs completed: 301, 302, 303 and 305.
	g. 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 item g as 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.

production for Decomber, the firut month ef operation: a.Matersispurtissedofaccovet,sat,100.i) c. Factory dverteed costs incures on pesourt, 35440 d. Depreciation of mactivery and equpment, 51,480 . 4. The lattery ouetiedd rate is 553 gar machine hout Gachine kous used: 1. Jebs completed: 391 ; 308,349 and 396 9. Jebe were shised and euttemert mene biked as feliset Noe 301. 57. pa0: Joe 302. 510,980,dob303,514,290 Requlred: 1. dournalive the entries to recond the summarand operatons. Akcord each item joms ar: 2. Post the anpromale enter te Taconunt for wat in Phocese and Finithed Goods. using the idonerying ietturs as havaction coder Inseit mvimo accoint bulances as of the end of the wirth acevint. 4. Frepare at schecdile of conpleled jabd in hand ie supoit the balance in the trahed goods accoure CHART OF ACCOUNTS Gttoson Fencing ine. General Ledger ASEETE 110 Cash 121 Abcounts Recensable 125 Notes Recaividie 12v interest Reoevable 131 Matefials 122 Work in Process 133 Faclory Overted 134 Finshed Goods 141 Suggles 142 Propaid insurance 143 Prepaid Expenser 1 18 Land 191 Machinery and Equpment 192 Atcumulated Decreciation- Machinery and Equmement LARAtTers 210 Naceunts Pryable 221 Ltatiss Payacie 231 Netes Payabie 236 Interest Peyatie 247 Lease Payable 251 Waoks Rayakie 252 Consiftant Fees Payable RAVLNUE 419 Sales 610 Interest Revenue EXPENSEs 510 Cost of Goots Bold seo Wraer Exanove 53t-5etshy Expenset 532 in murnnoe Lajerse 538 Unities Fyperie 534 Oflee Supples froene 540 Aomimstrative Egenses S51 Deprecimtion Ergense Wachinery and Esupmort 590 Micelaneoun fioenen 710 Intereut Esente EQUitY 311 Commen stock 340 Retained Eaniros 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 General Journal JOURNAL 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. Schedule of Unfinished Jobs 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. Schediule of Completed Jobs instruction