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, $753,070 b. Materials requisitioned, $632,580, of which $82,240 was for general factory use c. Factory labor used, $775,660, of which $147,380 was indirect d. Other costs incurred on account for factory overhead, $180,740; selling expenses, $278,640; and administrative expenses, $165,680 e. Prepaid expenses expired for factory overhead, $34,640; for selling expenses, $29,370; and for administrative expenses, $21,090 f. Depreciation of office building was $100,910; of office equipment, $51,210; and of factory equipment, $34,640 g. Factory overhead costs applied to jobs, $429,250 h. Jobs completed, $994,050 1. Cost of goods sold, $963,930 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, $753,070. Entry a. Description Debit Credit b. Materials requisitioned, $632,580, of which $82,240 was for general factory use. Entry Description Debit Credit