Question: please explain and post so that half the answer isnt cut off! thank you! Entries for Costs in a Job Order Cost System Velasco Co.

please explain and post so that half the answer isnt cut off! thank you!
please explain and post so that half the answer isnt cut off!
thank you! 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, $559,130
b. Materials requisitioned, $469,670, of which $61,060 was for general factory use

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, $559,130 b. Materials requisitioned, $469,670, of which $61,060 was for general factory use c. Factory labor used, $575,900, of which $109,420 was indirect d. Other costs incurred on account for factory overhead, $134,190; selling expenses, $206,880; and administrative expenses, $123,010 c. Prepaid expenses expired for factory overhead, $25,720; for selling expenses, $21,810; and for administrative expenses $15,660 f. Depreciation of office building was $74,920; of office equipment, $38,020; and of factory equipment, $25,720 9. Factory overhead costs applied to jobs, $318,700 h. Jobs completed, $738,050 1. Cost of goods sold, $715,690 Required: Journalize the entries to record the summarzed operations. If an amount box does not require an entry, leave it blank. a. Materials purchased on account, $559,130. Entry Description Credit Debit b. Materials requisitioned, $469,670, of which $61,060 was for general factory use. Entry Description Debit Credit b. c. Factory labor used, $575,900, of which $109,420 was indirect. Entry Description Debit Credit d. Other costs incurred on account for factory overhead, $134,190; selling expenses, $206,880; and administrative expenses, $123,010. Entry Description Debit Credit d. e Prepaid expenses expired for factory overhead, $25,720, for selling expenses, $21,810; and for administrative expenses, $15.660. Entry Description Debit Credit f. Depreciation of office building was $74,920; of office equipment, $38,020; and of factory equipment, $25,720 Entry Description Debit Credit f. 9. Factory overhead costs applied to jobs, $318,700. Entry Description Debit Credit 9 g. Factory overhead costs applied to jobs, $318,700. Entry Description Debit Credit 9 h. Jobs completed, $738,050. Entry Description Debit Credit h. i. Cost of goods sold, $715,690. Entry Description Debit Credit

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