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 requisitioned and factory labor used:

Job

Materials

Factory Labor

$301$ $$1,850$ $$2,500$

$3023,1507,220$

$3032,2005,350$

$3041,9002,300$

$3054,2306,225$

$3061,7702,900$

For general factory use $1,2005,000$

c$.$ Factory overhead costs incurred on account, $$1,800.$

d$.$ Depreciation of machinery and equipment, $$2,700.$

e$.$ The factory overhead rate is $$40$ per machine hour. Machine hours used:

Job Machine Hours

$30130$

$30260$

$30341$

$30463$

$30570$

$30636$

Total $300$

f$.$ Jobs completed: $301,302,303,$ and $305.$

g$.$ Jobs were shipped and customers were billed as follows: Job $301,$ $$9,000$; Job $302,$ $$16,150$; Job $303,$ $$12,800.$

Required:

$1.$ Journalize the entries to record the summarized operations. Record each item $($items a$-$f$)$ as an individual entry on December $31.$ Record item g as $2$ entries.

$2.$ 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.