PR 2-2A 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 $1,850 $2,500 302 3,150 7,220 303 2,200 5,350 304 1,800 2,400 305 4,230 6,225 306 1.770 2,900 For general factory use 5,000 c. Factory overhead costs incurred on account, $1,800. d. Depreciation of machinery and equipment, $2,500. e. The factory overhead rate is $30 per machine hour. Machine hours used: Machine Hours 30 302 60 303 41 304 305 70 306 1,200 Job 301 63 36 300 Total f. Jobs completed: 301, 302, 303, and 305. 9. Jobs were shipped and customers were billed as follows: Job 301,58,500; Job 302, 516,150; Job 303, 513,400. 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 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