Reference no: EM133174575

Question - 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, $509,410

b. Materials requisitioned, $427,900, of which $55,630 was for general factory use

c. Factory labor used, $524,690, of which $99,690 was indirect

d. Other costs incurred on account for factory overhead, $122,260; selling expenses, $188,480; and administrative expenses, $112,070

e. Prepaid expenses expired for factory overhead, $23,430; for selling expenses, $19,870; and for administrative expenses, $14,260

f. Depreciation of office building was $68,260; of office equipment, $34,640; and of factory equipment, $23,430

g. Factory overhead costs applied to jobs, $290,360

h. Jobs completed, $672,420

i. Cost of goods sold, $682,040

Required - Journalize the entries to record the summarized operations.