Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July July 1 Materials purchased on account, $203,940 2 Materials requisitioned, $191,480, of which $15,530 was for general factory use Factory labor used, $598,400, of which $63,620 was indirect Other costs incurred on account for factory overhead, $290,400, selling expenses, $158,300; and administrative expenses. $110,900 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200 Factory overhead costs acolled to jobs. $452.240 31 31 31 31 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

am. 102.

administrative expenses, $7,940
31 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment.
$51,200
Factory overhead costs applied to jobs, $452,240
Jobs completed, $1,003,200
Cost of goods sold, $992.600
31
31
31
Required:
Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW
journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically
indent a credit entry when a credit amount is entered.
d.
Transcribed Image Text:administrative expenses, $7,940 31 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment. $51,200 Factory overhead costs applied to jobs, $452,240 Jobs completed, $1,003,200 Cost of goods sold, $992.600 31 31 31 Required: Journalize the entries to record the summarized operations. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. d.
Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July:
July
1 Materials purchased on account, $203,940
2
Materials requisitioned, $191,480, of which $15,530 was for general factory use
Factory labor used, $598,400, of which $63,620 was indirect
Other costs incurred on account for factory overhead, $290,400, selling expenses, $158,300; and
administrative expenses. $110,900
Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for
administrative expenses, $7,940
Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment,
$51,200
Factory overhead costs applied to lobs. $452.240
31
31
31
31
31
Transcribed Image Text:Velasco Co. uses a job order cost system. The following data summarize the operations related to production for July: July 1 Materials purchased on account, $203,940 2 Materials requisitioned, $191,480, of which $15,530 was for general factory use Factory labor used, $598,400, of which $63,620 was indirect Other costs incurred on account for factory overhead, $290,400, selling expenses, $158,300; and administrative expenses. $110,900 Prepaid expenses expired for factory overhead, $21,310; for selling expenses, $6,250; and for administrative expenses, $7,940 Depreciation of office building was $40,100; of office equipment, $13,500; and of factory equipment, $51,200 Factory overhead costs applied to lobs. $452.240 31 31 31 31 31
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education