{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-25T14:12:22-04:00", "answer_date": "2024-05-25 14:12:22", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1691608", "url": "\/study-help\/questions\/entries-for-costs-in-a-job-order-cost-system-velasco-1691608", "question_creation_date_js": "2024-05-25T14:12:22-04:00", "question_creation_date": "May 25, 2024 02:12 PM", "meta_title": "[Solved] Entries for Costs in a Job Order Cost Sys | SolutionInn", "meta_description": "Answer of - Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize th | SolutionInn", "meta_keywords": "entries,costs,job,order,cost,system,velasco,data,summarize,operations,related,production", "question_title_h1": " Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize the operations related", "question_title": " Entries for Costs in a Job Order Cost System Velasco Co.", "question_title_for_js_snippet": "Entries for Costs in a Job Order Cost System Velasco Co uses a job order cost system The following data summarize the operations related to production for July a Materials purchased on account, $609,470 b Materials requisitioned, $511,950, of which $66,550 was for general factory use c Factory labor used, $627,750, of which $119,270 was indirect d Other costs incurred on account for factory overhead, $146,270 selling expenses, $225,500 and administrative expenses, $134,080 e Prepaid expenses expired for factory overhead, $28,040 for selling expenses, $23,770 and for administrative expenses, $17,070 f Depreciation of office building was $81,670 of office equipment, $41,440 and of factory equipment, $28,040 g Factory overhead costs applied to jobs, $347,400 h Jobs completed, $804,500 1 Cost of goods sold, $780,120 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, $609,470 Entry Description Debit Credit b Materials requisitioned, $511,950, of which $66,550 was for general factory use Entry b Description Debit Credit c Factory labor used, $627,750, of which $119,270 was indirect Entry Description Debit Credit C d Other costs incurred on account for factory overhead, $146,270 selling expenses, $225,500 and administrative expenses, $134,080 Description Entry Debit Credit d e Prepaid expenses expired for factory overhead, $28,040 for selling expenses, $23,770 and for administrative expenses, $17,070 Entry Credit Description Debit f Depreciation of office building was $81,670 of office equipment, $41,440 and of factory equipment, $28,040 Entry Description g Factory overhead costs applied to jobs, $347,400 Entry 9 Description Debit Credit Debit Credit h Jobs completed, $804,500 Entry h Description i Cost of goods sold, $780,120 Entry Description Debit Credit Debit Credit", "question_description": "\"image\"image\"image\"image\"image", "transcribed_text": "Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $609,470 b. Materials requisitioned, $511,950, of which $66,550 was for general factory use c. Factory labor used, $627,750, of which $119,270 was indirect d. Other costs incurred on account for factory overhead, $146,270; selling expenses, $225,500; and administrative expenses, $134,080 e. Prepaid expenses expired for factory overhead, $28,040; for selling expenses, $23,770; and for administrative expenses, $17,070 f. Depreciation of office building was $81,670; of office equipment, $41,440; and of factory equipment, $28,040 g. Factory overhead costs applied to jobs, $347,400 h. Jobs completed, $804,500 1. Cost of goods sold, $780,120 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, $609,470. Entry Description Debit Credit b. Materials requisitioned, $511,950, of which $66,550 was for general factory use. Entry b. Description Debit Credit c. Factory labor used, $627,750, of which $119,270 was indirect. Entry Description Debit Credit C. d. Other costs incurred on account for factory overhead, $146,270; selling expenses, $225,500; and administrative expenses, $134,080. Description Entry Debit Credit d. e. Prepaid expenses expired for factory overhead, $28,040; for selling expenses, $23,770; and for administrative expenses, $17,070. Entry Credit Description Debit f. Depreciation of office building was $81,670; of office equipment, $41,440; and of factory equipment, $28,040. Entry Description g. Factory overhead costs applied to jobs, $347,400. Entry 9. Description Debit Credit Debit Credit h. Jobs completed, $804,500. Entry h. Description i. Cost of goods sold, $780,120. Entry Description Debit Credit Debit Credit", "related_book": { "title": "Accounting", "isbn": "978-0324662962", "edition": "23rd Edition", "authors": "Jonathan E. Duchac, James M. Reeve, Carl S. Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/46.jpg", "uri": "\/textbooks\/accounting-23rd-edition-46", "see_more_uri": "" }, "free_related_book": { "isbn": "1424009081", "uri": "\/textbooks\/active-skills-for-communication-book-1-1st-edition-9781424009084", "name": "ACTIVE Skills For Communication Book 1", "edition": "1st Edition" }, "question_posted": "2024-05-25 14:12:22", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/-132767", "description": "Q No. 1) a) Construct the Histogram for the following frequency distribution relating to the ages of telephone operators. 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