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. Instructions Journalize the entries to record the summarized operations. 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. 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