Velasco Company uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $203,940. b. Materials requisitioned, $191,480, of which $15,530 was for general factory use. c. Factory labor used, $598,400, of which $63,620 was indirect. d. Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900. e. Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940. f. Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200. g. Factory overhead costs applied to jobs, $452,240. h. Jobs completed, $1,003,200. i. Cost of goods sold, $992,600. Instructions Journalize the entries to record the summarized operations.

Velasco Company uses a job order cost system. The following data summarize the operations related to production for July: a. Materials purchased on account, $203,940. b. Materials requisitioned, $191,480, of which $15,530 was for general factory use. c. Factory labor used, $598,400, of which $63,620 was indirect. d. Other costs incurred on account for factory overhead, $290,400; selling expenses, $158,300; and administrative expenses, $110,900. e. Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940. f. Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200. g. Factory overhead costs applied to jobs, $452,240. h. Jobs completed, $1,003,200. i. Cost of goods sold, $992,600. Instructions Journalize the entries to record the summarized operations.

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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