Staircase Equipment Company uses a job order cost system. The following data summarize the oper operations: a. Materials purchased on account, $2,170. b. Materials requisitioned and factory labor used: Materials Factory Labor Job No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 For general factory use $2,190 2,960 1,450 5,430 4,140 2,630 3,240 $2,220 2,710 1,800 6,080 3,860 2,820 750 c. Factory overhead costs incurred on account, $4,240 d. Depreciation of machinery and equipment, $1,550. e. The factory overhead rate is $35 per machine hour, Machine hours used Job No. 301 No. 302 No. 303 No. 304 No. 305 No. 306 Machine Hours 20 19 23 72 28 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $6,130; Job 302, $7,600; Job 303, $11,760. Required: 1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it bla Entries Description Debit Credit Materials v 2,170 Accounts Payable V 2,170 Work in Process V Factory Overhead V Materials V Wages Payable v 19,490 X 750 X 20,240 22,040 v Factory Overhead v C. 4,240 Accounts Payable v 4,240 Factory Overhead d. 1,550 v Accumulated Depreciation-Machinery and Equipment V 1,550 v Work in Process e. 6,440 V Factorv Overhead Work in Process 6,440 Factory Overhead v 6,440 v Finished Goods V 10,740 X Work in Process 10,740X Accounts Receivable v 25,490 Sales v 25,490 V Cost of Goods Sold Finished Goods 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 Work in Process (b) V Bal. Finished Goods (o) v Bal, 3. Prepare a schedule of unfinished jobs to support the balance in the wrk in process account 3. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Staircase Equipment Company Schedule of Unfinished Jobs Direct Direct Labor overhead Materials Factory Total ob No. 304 V s No. 306 V Balance of Work in Process, January 30 4. Prepare a schedule of completed sobs on hand to support the balance in the finished goods account. Staircase Equipment Company Schedule of Completed Jobs Total Job Materials Direct Laber Pactory Finished Goods, January 30 (Job 305) V $