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:

managerial accounting

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:

management accounting

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,