Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,600 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,800 Job 202 24,200 Total direct materials 73,000 Indirect materials. 9,220 Total materials used $ 82,220 c. Time tickets show the following Job 201 $ Job 202 Total direct labor Indirect labor Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,560 on credit. g. Incurred the following actual other overhead costs for the month. $ 32,600 labor used for the month. 39,800 13,200 53,000 24,800 $ 77,800 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs No 1 Prepare journal entries to record the transactions reflected in items a through g. View transaction list View journal entry worksheet Transaction a. 560 860 3,600 $ 37,620 Raw materials inventory General Journal Debit Credit Ⓒ
Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,600 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,800 Job 202 24,200 Total direct materials 73,000 Indirect materials. 9,220 Total materials used $ 82,220 c. Time tickets show the following Job 201 $ Job 202 Total direct labor Indirect labor Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,560 on credit. g. Incurred the following actual other overhead costs for the month. $ 32,600 labor used for the month. 39,800 13,200 53,000 24,800 $ 77,800 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs No 1 Prepare journal entries to record the transactions reflected in items a through g. View transaction list View journal entry worksheet Transaction a. 560 860 3,600 $ 37,620 Raw materials inventory General Journal Debit Credit Ⓒ
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 8SPB
Related questions
Question
Please read the picture below and complete.
![Required information
[The following information applies to the questions displayed below.]
Information on Kwon Manufacturing's activities for its first month of operations follows:
a. Purchased $100,600 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
$ 48,800
Job 202
24,200
Total direct materials
73,000
Indirect materials.
9,220
Total materials used
$ 82,220
c. Time tickets show the following
Job 201
$
Job 202
Total direct labor
Indirect labor
Total labor used
d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
e. Transferred Job 201 to Finished Goods Inventory.
f. Sold Job 201 for $165,560 on credit.
g. Incurred the following actual other overhead costs for the month.
$ 32,600
labor used for the month.
39,800
13,200
53,000
24,800
$ 77,800
Depreciation of factory equipment
Rent on factory building (payable)
Factory utilities (payable)
Expired factory insurance
Total other factory overhead costs
No
1
Prepare journal entries to record the transactions reflected in items a through g.
View transaction list View journal entry worksheet
Transaction
a.
560
860
3,600
$ 37,620
Raw materials inventory
General Journal
Debit
Credit
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6f96dd47-ce3e-4fb6-9f29-e38e62f29b56%2Ff4dc487a-f90b-4e64-a319-812d8dc9b718%2Fx4qny68m_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Information on Kwon Manufacturing's activities for its first month of operations follows:
a. Purchased $100,600 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
$ 48,800
Job 202
24,200
Total direct materials
73,000
Indirect materials.
9,220
Total materials used
$ 82,220
c. Time tickets show the following
Job 201
$
Job 202
Total direct labor
Indirect labor
Total labor used
d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
e. Transferred Job 201 to Finished Goods Inventory.
f. Sold Job 201 for $165,560 on credit.
g. Incurred the following actual other overhead costs for the month.
$ 32,600
labor used for the month.
39,800
13,200
53,000
24,800
$ 77,800
Depreciation of factory equipment
Rent on factory building (payable)
Factory utilities (payable)
Expired factory insurance
Total other factory overhead costs
No
1
Prepare journal entries to record the transactions reflected in items a through g.
View transaction list View journal entry worksheet
Transaction
a.
560
860
3,600
$ 37,620
Raw materials inventory
General Journal
Debit
Credit
Ⓒ
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