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, $732,970 b. Materials requisitioned, $615,690, of which $80,040 was for general factory use c. Factory labor used, $754,960, of which $143,440 was indirect Other costs incurred on account for factory overhead, $175,910; selling expenses, $271,200; and administrative expenses, $161,250 e. Prepaid expenses expired for factory overhead, $33,720; for selling expenses, $28,590; and for administrative expenses, $20,520 f. Depreciation of office building was $98,220; of office equipment, $49,840; and of factory equipment, $33,720 g. Factory overhead costs applied to jobs, $417,790 h. Jobs completed, $967,520 i. Cost of goods sold, $938,200 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, $732,970. Entry Description Debit Credit b. Materials requisitioned, $615,690, of which $80,040 was for general factory use. Entry Description Debit Credit c. Factory labor used, $754,960, of which $143,440 was indirect. Entry Description Debit Credit