Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production...

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Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: Materials purchased on account, $50,000. Materials requisitioned and factory labor used: Factory Job Materials Labor 301 $2,040 $2,755 302 3,470 7,945 303 2,425 5,890 304 1,980 2,640 305 4,655 6,850 306 1,950 3,190 For general factory use 1,320 5,500 Factory overhead costs incurred on account, $2,800. Depreciation of machinery and equipment, $3,500. The factory overhead rate is $45 per machine hour. Machine hours used: Job Machine Hours 301 35 302 65 SS303 45 304 70 305 80 306 45 Total hours 340 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16,150; Job 303, $13,400. Instructions for each part. Journalize the entries to record the summarized operations. Letters (a to g) Post the appropriate entries to T accounts for Work in Process and Finished Goods using the identifying letters as transactions codes. Determine the account balances as of the end of the month. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account. Ottoson Fencing Inc. uses job order costing. The following data summarize the operations related to production for December, the first month of operations: Materials purchased on account, $50,000. Materials requisitioned and factory labor used: Factory Job Materials Labor 301 $2,040 $2,755 302 3,470 7,945 303 2,425 5,890 304 1,980 2,640 305 4,655 6,850 306 1,950 3,190 For general factory use 1,320 5,500 Factory overhead costs incurred on account, $2,800. Depreciation of machinery and equipment, $3,500. The factory overhead rate is $45 per machine hour. Machine hours used: Job Machine Hours 301 35 302 65 SS303 45 304 70 305 80 306 45 Total hours 340 f. Jobs completed: 301, 302, 303, and 305. g. Jobs were shipped and customers were billed as follows: Job 301, $8,500; Job 302, $16,150; Job 303, $13,400. Instructions for each part. Journalize the entries to record the summarized operations. Letters (a to g) Post the appropriate entries to T accounts for Work in Process and Finished Goods using the identifying letters as transactions codes. Determine the account balances as of the end of the month. Prepare a schedule of unfinished jobs to support the balance in the work in process account. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.