Grand Valley Apparel Co. uses a job order cost system. The following data summarize the operations related to production for May 2010, the first month of operations:

a. Materials purchased on account, $68,000.

b. Materials requisitioned and factory labor used:

c. Factory overhead costs incurred on account, $2,750.d. Depreciation of machinery and equipment, $1,870.e. The factory overhead rate is $25 per machine hour. Machine hours used:

f. Jobs completed: 401, 402 , 403, and 405.g. Jobs were shipped and customers were billed as follows: Job 401, $26,000; Job 402, $33,400; Job 405, $23,400.Instructions1. 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 goodsaccount.

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Materials Job Factory Labor No. 401 $ 9,200 11,000 6,400 18,200 8,600 $ 9,250 13,400 No. 402 No. 403 5,000 No. 404 17,400 7,400 No. 405 No. 406 8,500 4,100 8,900 9,600 For general factory use