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Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $843,400
Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $843,400 b. Materials requisitioned, $708,460, of which $92,100 was for general factory use c. Factory labor used, $868,700, of which $165,050 was indirect d. Other costs incurred on account for factory overhead, $202,420; selling expenses, $312,060; and administrative expenses, $185,550 e. Prepaid expenses expired for factory overhead, $38,800; for selling expenses, $32,890; and for administrative expenses, $23,620 f. Depreciation of office building was $113,020; of office equipment, $57,350; and of factory equipment, $38,800 g. Factory overhead costs applied to jobs, $480,740 h. Jobs completed, $1,113,290 i. Cost of goods sold, $1,079,550 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $843,400. b. Materials requisitioned, $708,460, of which $92,100 was for general factory use. c. Factory labor used, $868,700, of which $165,050 was indirect. f. Depreciation of office building was $113,020; of office equipment, $57,350; and of factory equipment, $38,800. g. Factory overhead costs applied to jobs, 5480,740 . h. Jobs completed, 51,113,290. i. Cost of goods sold, $1,079,550
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