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.

Instructions Velasco Co uses a job order cost system. The following data summanze the operations related to production for July July 1 2 31 31 Materials purchased on account $203,940 Materials requisitioned $191.480 of which $15.530 was for general factory use Factory labor used 5598.400of which $63.620 was indirect Other costs incurred on account for factory overhead S290 400, selling expenses $159, 300, and administrative expenses $110.900 Prepaid expenses expired for factory overhead $21.310 for selling expenses S6,250, and for administrative expenses S7 940 Depreciation of office building was $40.100 of office equipment. $13.500, and of factory equipment 551200 31 31 31 31 Factory overhead costs applied to jobs, S452 240 Jobs completed $1.003.200 Cost of goods sold, 1992.600 31 Required: Journalize the entnes to record the summarted operations Refer to the chart of accounts for the exact wording of the account titles NOW Journals do not use lines for journal explanations Every line on a joumal page is used for debitor credit entries. CNOWjournals w automatical inden a credit entry when a dredir amount is entered