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:

1. Materials purchased on account, $837,190
2. Materials requisitioned, $703,240, of which $91,420 was for general factory use
3. Factory labor used, $862,310, of which $163,840 was indirect
4. Other costs incurred on account for factory overhead, $200,930; selling expenses, $309,760; and administrative expenses, $184,180
5. Prepaid expenses expired for factory overhead, $38,510; for selling expenses, $32,650; and for administrative expenses, $23,440
6. Depreciation of office building was $112,180; of office equipment, $56,930; and of factory equipment, $38,510
7. Factory overhead costs applied to jobs, $477,200
8. Jobs completed, $1,105,090
9. Cost of goods sold, $1,071,600

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, $837,190.

Entry	Description	Debit	Credit
a.		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6

b. Materials requisitioned, $703,240, of which $91,420 was for general factory use.

Entry	Description	Debit	Credit
b.		fill in the blank 8	fill in the blank 9
		fill in the blank 11	fill in the blank 12
		fill in the blank 14	fill in the blank 15

c. Factory labor used, $862,310, of which $163,840 was indirect.

Entry	Description	Debit	Credit
c.		fill in the blank 17	fill in the blank 18
		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24

d. Other costs incurred on account for factory overhead, $200,930; selling expenses, $309,760; and administrative expenses, $184,180.

Entry	Description	Debit	Credit
d.		fill in the blank 26	fill in the blank 27
		fill in the blank 29	fill in the blank 30
		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36

e. Prepaid expenses expired for factory overhead, $38,510; for selling expenses, $32,650; and for administrative expenses, $23,440.

Entry	Description	Debit	Credit
e.		fill in the blank 38	fill in the blank 39
		fill in the blank 41	fill in the blank 42
		fill in the blank 44	fill in the blank 45
		fill in the blank 47	fill in the blank 48

f. Depreciation of office building was $112,180; of office equipment, $56,930; and of factory equipment, $38,510.

Entry	Description	Debit	Credit
f.		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54
		fill in the blank 56	fill in the blank 57
		fill in the blank 59	fill in the blank 60
		fill in the blank 62	fill in the blank 63
		fill in the blank 65	fill in the blank 66

g. Factory overhead costs applied to jobs, $477,200.

Entry	Description	Debit	Credit
g.		fill in the blank 68	fill in the blank 69
		fill in the blank 71	fill in the blank 72

h. Jobs completed, $1,105,090.

Entry	Description	Debit	Credit
h.		fill in the blank 74	fill in the blank 75
		fill in the blank 77	fill in the blank 78

i. Cost of goods sold, $1,071,600.

Entry	Description	Debit	Credit
i.		fill in the blank 80	fill in the blank 81
		fill in the blank 83	fill in the blank 84