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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.
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