Instructions Munson Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 2 31 31 31 Materials purchased on account, $635,470 Materials requisitioned, $628,070, of which $74,070 was for general factory use Factory labor used, $674,350, of which $94,570 was indirect Other costs incurred on account for factory overhead, $151,200; selling expenses, $228,420; and administrative expenses, $152,810 Prepaid expenses expired for factory overhead, $27,820; for selling expenses, $28,010; and for administrative expenses, $18,240 Depreciation of office building was $81,480; of office equipment, $43,370; and of factory equipment, $31,020 Factory overhead costs applied to jobs, $363,480 Jobs completed, $992,960 31 31 31 31 Cost of goods sold, $885,860 Journalize the entries to record the summarized operations. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Munson Co. General Ledger ASSETS REVENUE 410 Sales 110 Cash 610 Interest Revenue 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 132 Work in Process 133 Factory Overhead 134 Finished Goods 532 Insurance Expense 533 Utilities Expense 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Office Building 534 Office Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Office Building 191 Office Equipment Chart of Accounts TU CYMRCIL 192 Accumulated Depreciation-Buildings and Equipment 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary