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 reguisitioned and factory labor used: c. 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: c. 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: 1. 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. Jobs completed: 301,302,303 and 305 . 9. Jobs were shipped and customers were billed as follows: Job 301,$8,310; Job 302,$11,120; Job 303,$14,320. Required: 1. Joumalize the entries to record the summarized operations. Record each item (Tems a-t) as an individual entry on Docember 31 . Record iem 9 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 ond of the month. 3. Prepare a schedule of unlinished jabs 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. CHART OF ACCOUNTS Ottoson Fencing Inc. General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 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 Utilies Expense 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payble 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends