PR 16-2A Entries and schedules for unfinished jobs and completed jobs Obj. 2 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: a. Materials purchased on account, $45,000. b. Materials requisitioned and factory labor used: Job Materials Factory Labor 301 $2.040 $2.755 302 3,470 7,945 303 2.425 5.890 304 1.980 2.640 305 1.655 3.851 306 1.950 3,190 For general factory use 1.320 5,500 Factory overhead cost incurred on $1,980 account, Depreciation of machinery and equipment 2.800 The factory ouh rate is $40 per machine hour, Machine hours used: Job Machine Hours 301 35 302 35 303 304 70 305 306 45 340 C. Factory overhead costs incurred on account, $2,800. d. Depreciation of machinery and equipment, $3,500. e. The factory overhead rate is $35 per machine hour. Machine hours used: f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16,150; Job 303, $13,400.Instructions for each part. 1. Journalize the entries to record the summarized operations. Letters (a to g) 2. Post the appropriate entries to T accounts for Work in Process and Finished Goods using the identifying letters as transactions codes. Determine the 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