Reference no: EM133047030

Question - 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.