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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,
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, $203,940
2 Materials requisitioned, $191,480, of which $15,530 was for general factory use
31 Factory labor used, $598,400, of which $63,620 was indirect
31 Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900
31 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940
31 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200
31 Factory overhead costs applied to jobs, $452,240
31 Jobs completed, $1,003,200
31 Cost of goods sold, $992,600
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.
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