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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:

a$.$ Materials purchased on account, $$28,790.$

b$.$ Materials requisitioned and factory labor used:

Job

Materials

Factory Labor

$301$ $$2,880$ $$2,910$

$3023,6903,860$

$3032,3001,780$

$3047,8206,990$

$3055,3105,050$

$3063,7003,280$

For general factory use $1,0704,180$

c$.$ Factory overhead costs incurred on account, $$5,600.$

d$.$ Depreciation of machinery and equipment, $$1,970.$

e$.$ The factory overhead rate is $$53$ per machine hour. Machine hours used:

Job Machine Hours

$30125$

$30234$

$30330$

$30471$

$30542$

$30626$

Total $228$

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

g$.$ Jobs were shipped and customers were billed as follows: Job $301,$ $$8,270$; Job $302,$ $$11,720$; Job $303,$ $$15,730.$

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.

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