Velasco Co. uses a job order cost system. The following data summarize the operations related to production

Question:

Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:

a. Materials purchased on account, $203,940.

b. Materials requisitioned, $191,480, of which $15,530 was for general factory use.

c. Factory labor used, $598,400, of which $63,620 was indirect.

d. Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900.

e. Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $5,250.

f. Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200.

g. Factory overhead costs applied to jobs, $452,240.

h. Jobs completed, $1,003,200.

i. Cost of goods sold, $992,600.


Instructions
Journalize the entries to record the summarized operations.

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Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

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