XYZ company uses a job order cost system. The following data summarize the operations related to...

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XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: Job Materials 601 $35.100 602 $35,000 603 $35,050 604 $62,500 For General Factory Use $7,600 2 Factory Labor $25,000 $39,500 $15.700 $40,000 $35,000 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $27.00 per machine hour. Machine hours used are: Job 601: 230 MH 602: 250 MH 603: 185 MH 604: 280 MH 6. Jobs completed are 601, 602, 603 7. Jobs were shipped and customers were billed as follows: 601: $500,000 602: $480,000 REQUIRED: Joumalize the required entries to record the above summarized operations. XYZ company uses a job order cost system. The following data summarize the operations related to production in July. Assume $0 starting balances. 1. Materials purchased for cash, $700,000 2. Materials requisitioned and factory labor used: Job Materials 601 $35.100 602 $35,000 603 $35,050 604 $62,500 For General Factory Use $7,600 2 Factory Labor $25,000 $39,500 $15.700 $40,000 $35,000 3. Factory overhead costs incurred on account $30,000 4. Depreciation of machinery and equipment $20,000 5. The predetermined factory overhead rate is $27.00 per machine hour. Machine hours used are: Job 601: 230 MH 602: 250 MH 603: 185 MH 604: 280 MH 6. Jobs completed are 601, 602, 603 7. Jobs were shipped and customers were billed as follows: 601: $500,000 602: $480,000 REQUIRED: Joumalize the required entries to record the above summarized operations.