Chapter 2 Practice Quiz Big Builders uses a job order cost system. The following data summarize the operations related to production for May 2018, the first month of operations a. b. Purchased materials on account for $34,000. Made material requisition and factory labor used: Materials Factory Labor Job Number No. 401 No. 402 No. 403 For General Factory Use $5,000 5,500 3,200 1,050 $6,000 6,700 3,000 3,400 Factory overhead costs incurred on account, $925 Depreciation on factory machinery and equipment, $700. The factory overhead rate is based on direct labor cost. Factory overhead is applied at a rate equal to one-fourth of direct labor costs Jobs completed were 401 and 403. c. d. e. f. Instructions 1. Journalize the entries to record the summarized operations in the journal paper provided on page 2. 2. Answer the following questions for May. You may want to create the space provided on page 2 if necessary T-accounts and a Job Cost Sheet in (a) What is the balance of the Finished Goods account at the end of the period? (b) What is the balance of Work in Process at the end of the period? (c) Is factory overhead overapplied or underapplied for the period and by how much