Cost System Royal Technology Company uses a job order cost system. The following data summarize the operations related to production for March: a. Materials purchased on account, $521,690. b. Materials requisitioned, $438,220, of which $56,970 was for general factory use. c. Factory labor used, $537,340, of which $102,090 was indirect. d. Other costs incurred on account for factory overhead, $125,210; selling expenses, $193,030; and administrative expenses, $114,770. e. Prepaid expenses expired for factory overhead were $24,000; for selling expenses, $20,350; and for administrative expenses, $14,610. f. Depreciation of factory equipment was $24,000; of office equipment, $35,470; and of office building, $69,910. g. Factory overhead costs applied to jobs, $297,360. h. Jobs completed, $688,630. i. Cost of goods sold, $667,760. Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $521,690. Entry Description Debit Credit Materials 521,690 Accounts Payable 521,690 b. Materials requisitioned, $438, 220, of which $56,970 was for general factory use. Entry Description Debit Credit b. Work in Process Factory Overhead Materials Factory labor used, $537,340, of which $102,090 was indirect. Entry Description Debit Credit Work in Process Factory Overhead Wages Payable d. Other costs incurred on account for factory overhead, $125,210; selling expenses, $193,030; and administrative expenses, $114,770. Entry Description Debit Credit d. Factory Overhead v Selling Expenses Administrative Expenses Accounts Payable e. Prepaid expenses expired for factory overhead were $24,000; for selling expenses, $20,350; and for administrative expenses, $14,610. Entry Description Debit Credit Factory Overhead er Selling Expenses Administrative Expenses Prepaid Expenses y f. Depredation of factory equipment was $24,000; of office equipment, $35,470, and of office building, $69,910. Entry Description Debit Credit Factory Overhead Depreciation Expense-office Equipment Depreciation Expense-Office Building v Accumulated Depreciation-Buildings and Equipment g. Factory overhead costs applied to jobs, $297.360. Entry Description Debit Credit Work in Process Factory Overhead h. Jobs completed, $688,630. g. Factory overhead costs applied to jobs, $297,360. Debit Credit Entry Description 9. Work in Process Factory Overhead h. Jobs completed, $688,630. Debit Credit Entry Description h. Finished Goods Work in Process i. Cost of goods sold, $667,760. Entry Description Debit Credit i. Cost of Goods Sold Finished Goods Feedback Check My Work Materials are recorded in the Materials inventory account until requisitioned. All direct costs: materials and labor are recorded in the Work in Process account. All indirect costs are considered overhead and are recorded in the Factory Overhead account: Overhead is applied to Work in Process using a predetermined overhead rate. The cost of completed jobs should be moved to the Finished Goods account. The cost of sold jobs should be moved to the Cost of Goods Sold account