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, $735,160 b. Materials requisitioned, $617,530, of which $80,280 was for general factory use c. Factory labor used, $757,210, of which $143,870 was indirect d. Other costs incurred on account for factory overhead, $176,440; selling expenses, $272,010; and administrative expenses, $161,740 e. Prepaid expenses expired for factory overhead, $33,820; for selling expenses, $28,670; and for administrative expenses, $20,580 f. Depreciation of office building was $98,510; of office equipment, $49,990; and of factory equipment, $33,820 g. Factory overhead costs applied to jobs, $419,040 h. Jobs completed, $970,410 1. Cost of goods sold, $941,000 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, $735,160. Entry Description Debit Credit Materials 735,160 Accounts Payable 735,160 b. Materials requisitioned, 5617,530, of which $80,280 was for general factory use. Entry Description b. Work in Process Factory Overhead Materials Debit Credit c. Factory labor used, $757,210, of which $143,870 was indirect Factory labor used, $757,210, of which $143,870 was indirect. Entry Description C. Work in Process Factory Overhead Debit Credit Wages Payable d. Other costs incurred on account for factory overhead, $176,440; selling expenses, $272,010; and administrative expenses, $161,740. Debit Entry Credit Description Factory Overhead Selling Expenses Administrative Expenses Accounts Payable e. Prepaid expenses expired for factory overhead, $33,820; for selling expenses, $28,670; and for administrative expenses, $20,580. Debit Entry Description Factory Overhead Credit Selling Expenses Administrative Expenses Prepaid Expenses f. Depreciation of office building was $98,510; of office equipment, $49,990; and of factory equipment, $33,820. f. Depreciation of office building was $98,510; of office equipment, $49,990; and of factory equipment, $33,820. Description Debit Credit Entry Depreciation Expense-Office Building Depreciation Expense-Office Equipment Factory Overhead Accumulated Depreciation-Office Building Accumulated Depreciation-Office Equipment Finished Goods g. Factory overhead costs applied to jobs, $419,040. Entry Description 9. Work in Process Factory Overhead h. Jobs completed, $970,410. Entry Description Finished Goods Work in Process 1. Cost of goods sold, $941,000. Entry Description Debit Credit Debit Credit Debit Credit i. Cost of goods sold, $941,000. Entry Description 1. Cost of Goods Sold Finished Goods Debit Credit