(The following information opplies to the questions displayed below] Information on Kwon Manufacturing's activities for its first month of operations follows: . Purchased $100,000 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 $ 48,200 23,600 71,800 5,620 S 0,420 Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,100 24, 200 3 76,000 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 t0 Finished Goods Inventory 1. Sold Job 201 for $163.760 on credit. 9. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable) Factory utilities (payable) Expired factory insurance $ 32,000 3,000 $ 36, 300 Total other factory overhead costs
(The following information opplies to the questions displayed below] Information on Kwon Manufacturing's activities for its first month of operations follows: . Purchased $100,000 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 $ 48,200 23,600 71,800 5,620 S 0,420 Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,100 24, 200 3 76,000 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 t0 Finished Goods Inventory 1. Sold Job 201 for $163.760 on credit. 9. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable) Factory utilities (payable) Expired factory insurance $ 32,000 3,000 $ 36, 300 Total other factory overhead costs
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 20E
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
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
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub