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a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used $ 41,000 14,400 55,400 26,000 $ 81,400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260

a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used $ 41,000 14,400 55,400 26,000 $ 81,400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 9SPA: JOB ORDER COSTING TRANSACTIONS Stonestreet Enterprises makes garage doors. During the month of...
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a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used 4 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 50,000 25, 400 75,400 10, 420 $ 85, 820 $ 41,000 14,400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. View transaction list 55,400 26,000 $ 81,400 f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs Record direct labor used. pare journal entries to record the transactions reflected in items a through g. $ 33, 800 680 980 4,800 $ 40, 260 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. 7 Record the completion of Job 201. 8 Record the sale of job 201 on credit. 9 Record the cost of goods sold for Job 201. 10 Record other actual factory overhead costs. X 10 Credit
Transcribed Image Text:a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials. Indirect materials Total materials used 4 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 50,000 25, 400 75,400 10, 420 $ 85, 820 $ 41,000 14,400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. View transaction list 55,400 26,000 $ 81,400 f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs Record direct labor used. pare journal entries to record the transactions reflected in items a through g. $ 33, 800 680 980 4,800 $ 40, 260 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. 7 Record the completion of Job 201. 8 Record the sale of job 201 on credit. 9 Record the cost of goods sold for Job 201. 10 Record other actual factory overhead costs. X 10 Credit
Information on Kwon Manufacturing's activities for its first month of operations follows: 1 a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used 3 4 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used View transaction list $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 Record materials purchases. 2 Record direct materials used. $ 41,000 14, 400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. repare journal entries to record the transactions reflected in items a through g. 55,400 26,000 $ 81,400 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260 Record indirect materials used. Record direct labor used. 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. X 10 Credit
Transcribed Image Text:Information on Kwon Manufacturing's activities for its first month of operations follows: 1 a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials Total materials used 3 4 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor. Indirect labor Total labor used View transaction list $ 50,000 25, 400 75, 400 10, 420 $ 85, 820 Record materials purchases. 2 Record direct materials used. $ 41,000 14, 400 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $169,160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. repare journal entries to record the transactions reflected in items a through g. 55,400 26,000 $ 81,400 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,800 680 980 4,800 $ 40, 260 Record indirect materials used. Record direct labor used. 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. X 10 Credit
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