Question
Entries for Costs in a Job Order Cost System Velasco Co. uses a job order cost system. The following data summarize the operations related
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, $611,360 b. Materials requisitioned, $513,540, of which $66,760 was for general factory use c. Factory labor used, $629,700, of which $119,640 was indirect d. Other costs incurred on account for factory overhead, $146,730; selling expenses, $226,200; and administrative expenses, $134,500 e. Prepaid expenses expired for factory overhead, $28,120; for selling expenses, $23,840; and for administrative expenses, $17,120 f. Depreciation of office building was $81,920; of office equipment, $41,570; and of factory equipment, $28,120 g. Factory overhead costs applied to jobs, $348,480 h. Jobs completed, $807,000 i. Cost of goods sold, $782,540 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.
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