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, $710,070 b. Materials requisitioned, $596,460, of which $77,540 was for general factory use c. Factory labor used, $731,370, of which $138,960 was indirect d. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 i. Cost of goods sold, $908,890 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

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, $710,070 b. Materials requisitioned, $596,460, of which $77,540 was for general factory use c. Factory labor used, $731,370, of which $138,960 was indirect d. Other costs incurred on account for factory overhead, $170,420; selling expenses, $262,730; and administrative expenses, $156,220 e. Prepaid expenses expired for factory overhead, $32,660; for selling expenses, $27,690; and for administrative expenses, $19,880 f. Depreciation of office building was $95,150; of office equipment, $48,280; and of factory equipment, $32,660 g. Factory overhead costs applied to jobs, $404,740 h. Jobs completed, $937,290 i. Cost of goods sold, $908,890 Required: Journalize the entries to record the summarized operations. If an amount box does not require an entry, leave it blank.

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Description: Entries for Costs in a Job Order Cost SystemVelasco Co. uses a job order cost system. The following data summarize the operations related to production for July:a. Materials purchased on account, $710,070b. Materials requisitioned, $596,460, of whic

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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Gilkison Corporation uses a job-order costing system to assign manufacturing costs to jobs. At the end of the month it closes out any overapplied or underapplied manufacturing overhead to Cost of Goods Sold. Its balance sheet on October 1 appears below: Gilkison Corporation Balance Sheet October 1 Assets: Cash $ 10,150 Raw materials $ 3,750 Work in process 15,150 Finished goods 19,150 38,050 Property, plant, and equipment (net) 229,150 Total assets $277,350 Liabilities and Stockholders’ Equity: Accounts payable $ 15,075 Retained earnings 262,275 Total liabilities and stockholders’ equity $277,350 Summaries of the transactions completed during October appear below: (1) Raw materials purchased on account $ 66,150 (2) Raw materials used in production (direct materials) $ 50,150 (3) Raw materials used in production (indirect materials) $ 7,075 (4) Direct labor paid in cash $ 95,150 (5) Indirect labor paid in cash $ 25,150 (6) Selling and administrative salaries paid in cash $ 30,150 (7)…
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