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Ottasco Fencing Inc. uses The following data summarize the aperations related to production for Decernber, the first manth of operations: a. Materials purchased an account, $2B,580. b. Masterials requisitianad and factory labor used: c. Factary crerthead casts incurred an acedunt, \$5,670. d. Depreciation of machinery and equipment, $2,050. e. The factory averhead rate is $52 per machine hour. Machine hours used: f. Jobes corrpleted: 301, 302,303 and 305. g. Jabs were shipped and custamers were biled as falows: Job 301, \$8,340; Jab 302, \$10,880; Jdob 303, \$15,310. Amount Descriptions Amount Descriptions Balance of Work in Process, December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 How does grading work? 2. Fost the appropriate entries to T accounts for Work in Frocess and Finished Goods, using the identifying letters as transaction cooles. 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. Question not attempted. 4. Frepare a schedule of completed jobs on hand to support the balance in the finished goods account. Scheoule of Compieted Jobs Instruction Question not attempted. Chart of Accounts Ottasco Fencing Inc. uses The following data summarize the aperations related to production for Decernber, the first manth of operations: a. Materials purchased an account, $2B,580. b. Masterials requisitianad and factory labor used: c. Factary crerthead casts incurred an acedunt, \$5,670. d. Depreciation of machinery and equipment, $2,050. e. The factory averhead rate is $52 per machine hour. Machine hours used: f. Jobes corrpleted: 301, 302,303 and 305. g. Jabs were shipped and custamers were biled as falows: Job 301, \$8,340; Jab 302, \$10,880; Jdob 303, \$15,310. Amount Descriptions Amount Descriptions Balance of Work in Process, December 31 Finished Goods, December 31 (Job 305) Job No. 301 Job No. 302 Job No. 303 Job No. 304 Job No. 305 Job No. 306 How does grading work? 2. Fost the appropriate entries to T accounts for Work in Frocess and Finished Goods, using the identifying letters as transaction cooles. 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. Question not attempted. 4. Frepare a schedule of completed jobs on hand to support the balance in the finished goods account. Scheoule of Compieted Jobs Instruction Question not attempted. Chart of Accounts