5 Information on Kwon Manufacturing's activities for its first month of operations follows:a. Purchased $101,800 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materialsIndirect materialsTotal materials usedc. Time tickets show the following labor used for the month.Job 201Job 202Total direct laborIndirect laborTotal labor used$ 50,00025, 40075,40010, 420$ 85, 820$41,00014,40055,40026,000$ 81,400d. 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 $169,160 on credit. (2) Record cost of goods sold for Job 201.g. Incurred the following actual other overhead costs for the month.Depreciation of factory equipmentRent on factory building (payable)Factory utilities (payable)Expired factory insuranceTotal other factory overhead costs1. Prepare a job cost sheet for Job 201 and for Job 202 for the month.2. Compute gross profit on the sale of Job 201.Gross Profit$ 33,8006809804, 800$ 40, 260Complete this question by entering your answers in the tabs below.Required 1 Required 2Compute gross profit on the sale of Job 201.Job 201 Information on Kwon Manufacturing's activities for its first month of operations follows:a. Purchased $101,800 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materialsIndirect materialsTotal materials usedc. Time tickets show the following labor used for the month.Job 201Job 202Total direct laborIndirect laborTotal labor used$ 50,00025, 40075, 40010, 420$ 85, 820d. 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 $169,160 on credit. (2) Record cost of goods sold for Job 201.g. Incurred the following actual other overhead costs for the month.Depreciation of factory equipmentRent on factory building (payable)Factory utilities (payable)Expired factory insuranceTotal other factory overhead costs$ 41,00014, 40055,40026,000$ 81,4001. Prepare a job cost sheet for Job 201 and for Job 202 for the month.2. Compute gross profit on the sale of Job 201.MaterialsLaborOverheadTotal costComplete this question by entering your answers in the tabs below.$Required 1Required 2Prepare a job cost sheet for Job 201 and for Job 202 for the month.Job Number Job Number2012020 $$ 33,8006809804,800$40, 2600

Name: 5 Information on Kwon Manufacturing's activities for its first month o
Uploaded: 2024-03-20T06:32:49.000Z
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Description: 5 Information on Kwon Manufacturing's activities for its first month of operations follows:a. Purchased $101,800 of raw materials on credit.b. Materials requisitions show the following materials used for the month.Job 201Job 202Total direct materials