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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
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, $748,590 b. Materials requisitioned, $628,820, of which $81,750 was for general factory use c. Factory labor used, $771,050, of which $146,500 was indirect d. Other costs incurred on account for factory overhead, $179,660; selling expenses, $276,900; and administrative expenses, $164,690 e. Prepaid expenses expired for factory overhead, $34,440; for selling expenses, $29,200; and for administrative expenses, 520,960 1. Depreciation of office building was $100,310; of office equipment, $50,900, and of factory equipment, $34,440 9. Factory overhead costs applied to jobs, $426,700 h. Jobs completed, $988,140 L. Cost of goods sold, $958,200 Required: Journalize the entries to record the summanzed operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $748,590 Entry Description Debit Credit a. b. Materials requisitioned, 5625,820, of which $81,750 was for general factory use. Entry Description Debit Credit ch . b. Materials requisitioned, $628,820, of which $81,750 was for general factory use. Entry Description Debit Credit b.
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