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.

chart of accounts

amount descriptions

General Journal

T accounts

Schedule of Unfinished Jobs

schedule of completed Jobs

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 reguisitioned and factory labor used: c. Factory overhead costs incurred on account $5,440 a. Depreciation of machinery end equipment $1,980 e. The factory overhead rate is $53 per machine hour. Machine hours used: f. 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. 1. Joumalize the entries to record the summarized operations. Record each item (items a-f) as an individual entry on December 31 . Record iem 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. Invert memo account balances as of the end of the month. 3. Prepare a schedule of unfinished joos 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 110Cash 121 Accounts Receivable 125 Notes Receivable. 126 interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 191 Machinery and Equipment 192 Accumuiated Depreciation-Machinery and Equipment 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Machinery and Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable LIADILIIIE3 210 Accounts Payable 221 Utilities Payable 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 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 All transections on this pase must be entered (except for post ref(i)) before you mill receive Check My Wark ferdbock. TAccounts Tacounts instariens For grading purposes enter transactions in alphabetical orden Determine the correct ending balance. The ending balance label is provided on the left side of the T account fven when the ending balance is a credt. The unused cell on the balance line should be left bianic TAccounts Work in Process Bat. Finished Goods Schedule of Unfinished fobs instruction 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. 4. Prepare a schedule of complefed jobs on hand to support the balance in the finished goods account. 8 20 . Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. 4. Prepare a schedule of completedjobs on hand to support the balance in the fonished goods account. sicheduedor compeled Jobs instruction Quescion not actempted