PR 16-2A Entries and schedules for unfinished and completed jobs.

Kurtz Fencing uses a job order cost system. The following data summarize the operations related to production for March, the first month of operations:

a. Materials purchased on account, $50,400.

b. Materials requisitioned and factory labor used:

Job No. Materials Factory Labor

101 $2,070 $2,800

102 $3,525 $8,085

103 $2,460 $5,990

104 $2,020 $2,700

105 $4,740 $6,970

106 $1,985 $3,250

For general factory use $1,350 $5,600

c. Factory overhead costs incurred on account, $2,015.

d. Depreciation of machinery and equipment, $2,800

e. The factory overhead rate is $35 per machine hour. Machine hours used.

Job Machine Hours

101 34

102 67

103 46

104 70

105 78

106 40

Total 335

f. Jobs completed: 101, 102, 103, and 105.

g. Jobs were shipped and customers were billed as follows: Job 101, $9,520; Job 102, $18,080; Job 105, $15,000.

Instructions:

1. Journalize the entries to record the summarized operations.

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transactions codes. Determine the accounts 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 unfinished jobs to support the balance in the Finished Goods account.