Staircase Equipment Company uses a job order cost system. The following data summa- rize the operations...

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Staircase Equipment Company uses a job order cost system. The following data summa- rize the operations related to production for April 2010, the first month of operations: a. Materials purchased on account, $23,400. b. Materials requisitioned and factory labour used: Job Materials $2,350 2,875 No. 201 No. 202 No. 203 No. 204 No. 205 No. 206 For general factory use No. 201 No. 202 No. 203 No. 204 No. 205 1,900 6,450 4,100 2,980 860 No. 206 Total c. Factory overhead costs incurred on account, $4,500. d. Amortization of machinery and equipment, $1,560. e. The factory overhead rate is $50 per machine hour. Machine hours used: Job Machine Hours 18 30 24 75 33 Factory Labour $2,200 2,970 1,490 20 200 5,460 4,150 2,650 3,250 f. Jobs completed: 201, 202, 203, and 205. g. Jobs were shipped and customers were billed as follows: Job 201, $6,540; Job 202, $8,820; Job 203, $11,880. 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 dates. 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. NEL Staircase Equipment Company uses a job order cost system. The following data summa- rize the operations related to production for April 2010, the first month of operations: a. Materials purchased on account, $23,400. b. Materials requisitioned and factory labour used: Job Materials $2,350 2,875 No. 201 No. 202 No. 203 No. 204 No. 205 No. 206 For general factory use No. 201 No. 202 No. 203 No. 204 No. 205 1,900 6,450 4,100 2,980 860 No. 206 Total c. Factory overhead costs incurred on account, $4,500. d. Amortization of machinery and equipment, $1,560. e. The factory overhead rate is $50 per machine hour. Machine hours used: Job Machine Hours 18 30 24 75 33 Factory Labour $2,200 2,970 1,490 20 200 5,460 4,150 2,650 3,250 f. Jobs completed: 201, 202, 203, and 205. g. Jobs were shipped and customers were billed as follows: Job 201, $6,540; Job 202, $8,820; Job 203, $11,880. 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 dates. 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. NEL