Kurtz Fencing inc. uses a job order cost sxstem. The following data summarize the operations telated to production for March, the first month of operations: a. Materials purchased on account, $45,000 b. Matenals requisitioned and factory labor used c. Factory overhead costs incurred on account, $1,800 d Depreciation of machinery and equipment, $2.500 e. The factory overhead rate is $30 pet machine hour Machine hovirs used f. Jobs completed: 301,302,303, and 305 g. Jobs were shipped and customers were billed as follows: Job 301, $8,500,Job302,$16,150, Job 303,$13,400 Required: 1. Joumalize the entries to record the summanized operations. Record eoch item (items a-t) 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 tiles. CNOW journals do not use lines for spaces or joumal explanations. Every une on a joumal page is used for debit or credt entries. Do not add explanations or skip a line between journal entries CNOW joumals will autamatically indent a credit entry when a credt amount is entered 2. Post the appropriate entries to T accounts for Wark in Process and Finished Goods, using the identfying 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 carrect CHART OF ACCOUNTS Kurtz Fencing Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 132 Work in Process 520 Wages Expense 133 Factory Overhead 531 Selling Expenses 134 Finished Goods 532 Insurance Expense 141 Supplies 533 Utilites 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 LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Eamings 351 Dividends 390 income Summary 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 ACCOUNTING EQUATION 2. Post the appropnate entries to T accounts for Work in Process and Finished Goods, using the identilying lefters as transaction codes Inserf memo account balances as of the end of the month. For grading purposes onter transactions in alphabetical order Determine the correct ending baiance The ending batance label is provided on the left side of the T account even when the ending balance is a credit. The unused cel on the balance line should be lef blank 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 fext entries: 4. Prepare a schedule of completed jobs on hand to support the bolance in the finished goods account Refor fo the List of Amount Descriptions prowided for the exact wording of the answer choices for text entries
