Reference no: EM133050149

Question - Entries and schedules for unfinished and completed jobs. Kurtz Fencing 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, $50,400.

b. Materials requisitioned and factory labor used:

Job No.	Materials	Factory Labor
101	$2,070	$2,800
102	$3,525	$8,085
103	$2,460	$5,990
104	$2,020	$2,700
105	$4,740	$6,970
106	$1,985	$3,250
For general factory use	$1,350	$5,600

c. Factory overhead costs incurred on account, $2,015.

d. Depreciation of machinery and equipment, $2,800

e. The factory overhead rate is $35 per machine hour. Machine hours used.

Job	Machine Hours
101	34
102	67
103	46
104	70
105	78
106	40
Total	335

f. Jobs completed: 101, 102, 103, and 105.

g. Jobs were shipped and customers were billed as follows: Job 101, $9,520; Job 102, $18,080; Job 105, $15,000.

Required -

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 transactions codes. Determine the accounts 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 unfinished jobs to support the balance in the Finished Goods account.