Please explain step by step and solve problem number 2. I don't know why it is wrong. Thanks
8:44 here in lidon :0) beon his incwenisloxs icmuri i zaasde not aspil seu lon cb elius WOVO zoth; munson am le lanimow, 1saxe and nel elnot balances as of the end of the month. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. Work in Process 50,240 J V 34,430 JANSUOL 11,700 27,510 x Finished Goods 34,430 g V 00 09 02 33,750 x 220204 nt show Bal. 580 x Points: 7.71 / 12 Feedback 00.00%.2 Check My Work 0.00+ Post entries to the Work in Process T account and to the Finished Goods T account Schedule of Unfinished Jobs Shaded cells have feedback. 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. 00 04 128 00.021.72 OP SF.S' Kurtz Fencing Inc. Score: 50/50 Schedule of Unfinished Jobs now Fart 1 Job Direct Materials Direct Labor Factory Overhead Total 2 Job No. 304 $8,510.00 $7,050.00 $3,640.00 $19,200.00 3 Job No. 306 3,770.00 5,240.00 1,300.00 8,310.00 Balance of Work in Process, March 31 $27,510.00 at a'snoisher Points:105m me a142 / 12 Feedback Check My Work Include the direct materials, direct labor, and factory overhead for each unfinished job. Schedule of Completed Jobs Shaded cells have feedback. 4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Kurtz Fencing Inc. Score: 21/21 Schedule of Completed Jobs8:44 1 Job Direct Materials Direct Labor Factory Overhead Total 2 Finished Goods, March 31 (Job 305) $5,000.00 $5,250.00 $2,028.00 $12,278.00 Points: 5/5 Feedback Check My Work Include the direct materials, direct labor, and factory overhead for each finished job.8:44 punts for the exact wording of the account titles. CNOW journals do not use lines for spaces or joumal explanations. Every line on a journal page is used for debit or credit es. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. ledul eonsled the ent .consied phibro jo grubsp 104 rinom efl to bro erbi lo as aconslad y does grading work? Anaid fiel ed bluorla anil sonstad oril no lion beaunu ent libero s al soneled gribno bill nerw wave )nuvos T orit to obia ftal art no babivong PAGE 1 JOURNAL OCA ME Score: 225/225 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY a Mar. 31 Materials orat 29,050.00 Accounts Payable 29,050.00 b Mar. 31 Work in Process 50,240.00 Factory Overhead 088 5,140.00 Materials 27,170.00 Wages Payable 28,210.00 1 C) Mar. 31 Factory Overhead ,400.00 Accounts Payable .400.00 d) Mar. 31 Factory Overhead 2,000.00 Bonino 1209 Accumulated Depreciation-Machinery and Equipment 2,000.00 e Mar. 31 Work in Process 11,700.00 Factory Overhead 11,700.00 Mar. 31 Finished Goods 34,430.00 1 TORk Work in Process ghosed incomA to tell arit of netoil .lugo's 20 34,430.00 Mar. 31 Accounts Receivable $3,750.00 Sales 33,750.00 Mar. 31 Cost of Goods Sold ant grione I stux 22,152.00 Finished Goods L berleinin 22,152.00 00:005,e12 00.0Pd.22 00.020,12 00.017 82 Points: dol 44 14 00.0OZ.1 aDE on dot Feedback 12 dAM 1259019 ni thow to sonalso Check My Work Materials are recorded in the Materials Inventory account until requisitioned. All direct costs: materials and labor are recorded in the Work in Process account. All indirect costs are considered as overhead and are recorded In the Factory Overhead account Overhead is applied to Work in Process using a predetermined overhead rate. fahimnu note to beachevo vional bas west toaxb eitheram tosilb are sbutanl The cost of completed jobs should be moved to the Finished Goods account. The cost of sold Jobs should be moved to the Cost of Goods Sold account. T Accounts zoning last 101 Shaded cells have feedback. 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 ant prone; shipi adol. bulelgmod to slutsrise8:44 Entries and schedules for unfinished jobs and completed jobs Instructions Kurtz Fencing Inc. uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations: aal pained studi a. Materials purchased on account( $29,050. isgheJ lalanne b. Materials requisitioned and factory labor used: BEARMINE 273224 Job Materials Factory Labor 301 $2,870 $2,87 sunaval jesmint 0re 302 3,690 3,770 sidewe ex askout as? 303 2,300 1,920 oof fearaint SSt 304 ,510 7,050 108 eboot) to 1205 ore 305 5,000 5,250 echoed zenew OSE 306 3,770 3,240 For general factory use 1,030 4,110 c. Factory overhead costs incurred on account, $5,400. neqx3 evilque cond sea 1. Depreciation of machinery and equipment, $2,000. KA avisit mobA die e. The factory overhead rate is $52 per machine hour. Machine hours used: sans.3 abornelinge /1 093 moir yun? ban ya bjpals for Job Machine Hours eeneox ) izabela! OIT 301 27 302 35 303 29 304 70 sideye 7 arbit iss 305 39 306 25 Total 225 F. 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. = 2, } . Required: 1. Journalize the entries to record the summarized operations. Record each item (items a-) as an individual entry on March 31. Record item g as 2 entries. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. 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. For grading purposes enter transactions in alphabetical order. Determine the correct ending balance. The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank. 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. " RE AmGM 2285019 m NOW he Noise "Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Chart of Accounts AGE ON dou 308 ON Jou8:44 adol botsigmoo brin edol barianitau not astuberive bas eagle) and howgo to mingming 21 danGM vol quitout CHART OF ACCOUNTS dewanme slob onwillot onT neve loon 21 6 20ou off prione a shul Kurtz Fencing Inc. General Ledger 020 982 Junoon no beesrising Infield s ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue OrS 82 121 Accounts Receivable 125 Notes Receivable DOCS 126 Interest Receivable EXPENSES bra 9 LOR 131 Materials 510 Cost of Goods Sold oas a 132 Work in Process 000 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 030 are potos! istoneg. 10 7 141 Supplies 533 Utilities Expense 142 Prepaid Insurance 534 Office Supplies Expense 143 Prepaid Expenses 540 Administrative Expenses 181 Land 561 Depreciation Expense-Machinery and Equipment 191 Machinery and Equipment 590 Miscellaneous Expense 192 Accumulated Depreciation-Machinery and Equipment 710 Interest Expense SS LIABILITIES SGE 210 Accounts Payable es 221 Utilities Payable 231 Notes Payable he COE 236 Interest Payable as 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable ing COE SC 106 Betslamoo adot JOSE Fr2 EOf col ;ost rt2 She dot Org at tot act two EQUITY 311 Common Stock 340 Retained Eamings IC malA nc Ydt lesbivini an 28 !)-a maty mell dogs incool andlate a hashemwe did two or 1 eatloo all esiamust . 351 Dividends 390 Income Summary Amount Descriptions Amount Descriptions Balance of Work in Process, March 31 Finished Goods, March 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306
