Q \# 5: JOB ORDER COSTING: The Cambridge Company uses job order costing. At the beginning of the May, two jobs were in process: COST ACCOUNTING - ASSIGNMENT 1 There was no inventory of finished goods on May1. During the month, Jobs 373 , 374,375,376,378, and 379 were started. Materials requisitions for May totaled $13,000, direct labor cost, $10,000, and actual factory overhead, $16,000. Factory overhead is applied at a rate of 150% of direct labor cost. The only job still in process at the end of May is No. 379, with costs of $1,400 for materials and $900 for direct labor. Job 376, the only finished job on hand at the end of May, has a total cost of $2,000. Required: 1. T accounts for work in process, finished goods, cost of goods sold, factory overhead control, and applied factory overhead. 2. General journal entries to record: a. Cost of goods manufactured b. Cost of goods sold c. Closing of over or underapplied factory overhead to cost of goods sold