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played below] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300 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 $ 49,500 24,900 74,400 91920 $ 84,320 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 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. (1) Sold Job 201 for $167,660 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 $ 33,300 630 930 4,300 $ 39,160

played below] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300 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 $ 49,500 24,900 74,400 91920 $ 84,320 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 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. (1) Sold Job 201 for $167,660 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 $ 33,300 630 930 4,300 $ 39,160

FINANCIAL ACCOUNTING
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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[The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300 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 $ 49,500 24,900 74,400 9:920 $ 84,320 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 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 $167,660 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 $ 33,300 630 930 4,300 $ 39,160
Transcribed Image Text:[The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300 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 $ 49,500 24,900 74,400 9:920 $ 84,320 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 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 $167,660 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 $ 33,300 630 930 4,300 $ 39,160
3 ces Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal
Transcribed Image Text:3 ces Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 1 2 Record materials purchases. Transaction 3 Note: Enter debits before credits. Record entry 4 5 General Journal Clear entry 6 7 8 Debit 9 10 Credit View general journal
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