ntries and schedules for unfinished jobs and completed jobs
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.
1. Journalize the entries to record the summarized operations. For a compound transaction,