DiSalvio Co. uses a job order cost system. The following data summarize the operations related to production for May:a. Materials purchased on account, $634,000.b. Materials requisitioned, $646,200, of which $74,500 was for general factory use. c. Factory labor used, $660,200, of which $91,200 was indirect. d. Other costs incurred on account for factory overhead, $147,500; selling expenses, $234,000; and administrative expenses, $146,400.e. Prepaid expenses expired for factory overhead were $29,200; for selling expenses, $26,800; and for administrative expenses, $18,000.f. Depreciation of office building was $84,600; of office equipment, $43,340; and of fac-tory equipment, $32,000.g. Factory overhead costs applied to jobs, $362,000.h. Jobs completed, $1,002,000.i. Cost of goods sold, $890,000.InstructionsJournalize the entries to record the summarized operations. SHOWME HOWGeneral Ledger Chapter 2 Job Order Costing 69Ex 2-18PR

Date          Account Description                                     Debit              Credit

May 1         Material inventory                                     $634,000

                 Accounts Payable                                                            $634,000

Date          Account Description                                     Debit                Credit

May 2        Work in Process (646,200 - 74,500)       $571,700

                 Factory Overhead                                      $74,500

                 Materials                                                                            $646,200

Date          Account Description                                     Debit                Credit

May 31       Work in Process (660,200 - 91,200)       $569,000

                 Factory Overhead                                      $91,200

                 Materials                                                                            $660,200

Date          Account Description                                     Debit                Credit

May 31      Factory Overhead                                     $147,500

                Selling expenses                                       $234,000

                Admin expenses                                       $146,400

                Accounts payable                                                             $527,900

Date          Account Description                                     Debit                Credit

May 31      Factory Overhead                                     $29,200

                Selling expenses                                       $26,800

                Admin expenses                                       $18,000

                Prepaid expenses                                                               $74,000

Date          Account Description                                     Debit                Credit

May 31      Depreciation expense - Office building     $84,600

                Depreciation expense - Office equipment $43,340

                Factory Overhead                                        $32,000

                Accumulated depreciation                                                $159,940

Date          Account Description                                     Debit                Credit

May 31       Work in Process                                          $362,000

                 Factory Overhead                                                            $362,000

Date          Account Description                                     Debit                Credit

May 31       Finished Goods                                        $1,002,000

                  Work in Process                                                            $1,002,000

Date          Account Description                                     Debit                Credit

May 31       Cost of goods sold                                     $890,000

                 Finished Goods                                                                $890,000

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" most of the money would be invested in innovation, economic convergence."