The yellow fields require an answer. Thank you.

Obj. 2 PR. 2-2A Entries and schedules for unfinisbed jobs and completed jobs Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: a. Materials purchased on account. $50.000. b. Materials requisitioped and factory labor used: Jab Materials Factory Labor 1301 $1.850 $2,500 302 3.150 7.220 303 2.200 5.350 304 1.900 2.300 305 4.230 6,225 306 1,770 2,200 Ear general factory use 1.200 5,000 c. Factory overhead costs incurred on account $J 800 d. Depreciation of machinery and equipment $2.700. e. The factory overhead rate is $40 per machine hour Machine hours used: Jab Machine Hours 30.1 30 302 60 303 41 304 30.5 70 306 36 Total 300 f. Jobs completed. 301 302 303 and 305. g. Jobs were shipped and customers were billed as follows: Job 301 $2.000 Job 302. $16J50; Job 303 $12.800. 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. LTHCAR Account Description Raw material inventory Accounts payable Materials purchased on account Materials requisitioned to jobs Factory labor used in production Indirect materials incurred in production 8 9 O Indirect labor incurred in production 1 2 c. Factory overhead 3 Accounts payable = Factory overhead incurred in production d. Factory overhead Accumulated depreciation Factory overhead incurred in production e. WIP inventory Factory overhead To record factory overhead applied Finished goods inventory WIP inventory To record the cost of completed jobs 1 2 a. 3 4 5 6 b. 7 8 9 10 11 2 3 4 5 6 7 f. e. Account receivable er General Journal (1) T-Accounts (2) Accessibility: Good to go Debit 50,000 16,300 1,800 2,700 12,000 37.950 Credit 50,000 Q Requires data from the exercise that must be entered or proper accounts that must be entered Represents a calculation or formula, or link within the worksheets Need to input material amounts for all jobs Need to input labor amounts for all jobs + General factory use means it can't be traced to any job and is allocated through factory overhead General factory use means it can't be traced to any job and is allocated through factory overhead 1,800 2,700 12,000 Total machine hours x factory overhead rate Cost transferred from WIP to FGS calculated on 'Scheduled of Completed Jobs' Scheduled of Completed Jobs (4) Schedule of Unfinished Jobs (3) 4 A 37 38 g. Account receivable 39 Sales 40 To record the sale of jobs 42 Cost of goods sold 43 Finished goods inventory 44 To record the cost associated with the jobs sold 45 46 47 B C 37,950 D E F G H 37,950 Amounts bills for all jobs shipped I J Cost of jobs sold computed on 'Scheduled of Completed Jobs' tab. M 1 2 3 4 5 6 7 A Completed Jobs 104 106 8 Completed Jobs 9 104 10 106 12 Factory overhead rate 13 14 15 B C Schedule of Unfinished Jobs Direct Materials D Applied Factory Direct Labor Overhead $ $ Total finished goods inventory $ Factory Applied Overhead Factory Rate Overhead $ Machine Hours E Balance of Finished Goods F G H J K Should agree to ending balance in work in process T-Account L Requires data from the exercise that must be entered Represents a calculation or formula M 1 234 in 6789 5 Completed Jobs 101 102 103 105 10 Completed Jobs 11 101 12 102 13 103 105 15 16 17 Factory overhead rate 18 19 Schedule of Completed Jobs Applied Direct Factory Materials Direct Labor Overhead Total finished goods inventory Factory Applied Overhead Factory Rate Overhead $ Machine Hours Balance of Finished Goods $ $ $ " H Requires data from the exercise that must be entered Represents a calculation or formula