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:

July	1	Materials purchased on account, $644,380
	2	Materials requisitioned, $670,250, of which $71,770 was for general factory use
	31	Factory labor used, $637,900, of which $88,640 was indirect
	31	Other costs incurred on account for factory overhead, $142,060; selling expenses, $238,560; and administrative expenses, $151,300
	31	Prepaid expenses expired for factory overhead, $29,450; for selling expenses, $27,540; and for administrative expenses, $18,720
	31	Depreciation of office building was $84,480; of office equipment, $43,730; and of factory equipment, $32,270
	31	Factory overhead costs applied to jobs, $379,790
	31	Jobs completed, $988,380
	31	Cost of goods sold, $921,340

Required:

Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Jup 1 Woterals purchssed an aconert, \$644,380 31 Fstiony labar used, 3637,920, of whth 393,040 wat irdwet idTh :trtie experece, 5 51,300 31 I idTin strts expersce, $3,720 31 Costat poots endt, sA21340 Methanet