Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pleae post answer so that half the answer isnt cut off! thank you! Entries for Costs in a Job Order Cost System Velasco Co. uses
Pleae post answer so that half the answer isnt cut off! thank you!
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, $835,890 b. Materials requisitioned, 5702,150, of which $91,280 was for general factory use c. Factory labor used, $860,970, of which $163,580 was indirect d. Other costs incurred on account for factory overhead, $200,610; selling expenses, $309,280; and administrative expenses. $183,900 e. Prepaid expenses expired for factory overhead, $38,450; for selling expenses, $32,600; and for administrative expenses, $23,400 E. Depreciation of office building was $112,010; of office equipment, $56,840; and of factory equipment, $38,450 g. Factory overhead costs applied to jobs, $476,460 h. Jobs completed, $1,103,370 1. Cost of goods sold 51,069,940 Required: Journalize the entries to record the summanzed operations. If an amount box does not require an entry, leave it blank. a. Matenals purchased on account, $835,890. Entry Description Debit Credit eBook Show Me How Entry Description Debit Credit Factory labor used, $860,970, of which $163,580 was indirect. Entry Description Debit Credit c. d. Other costs incurred on account for factory overhead, $200,610; selling expenses, $309,280; and administrative expenses, 5183,900, Entry Description Debit Credit d. e. Prepaid expenses expired for factory overhead, $38,450; for seling expenses, $32,600; and for administrative expenses, $23,400. Entry Description Debit Credit e. f. Depreciation of office building was $112,010; of office equipment, $56,840, and of factory equipment, $38,450. Entry Description Debit Credit Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started