1.

Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,000 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 48,200 Job 202 23,600 Total direct materials 71,800 Indirect materials 8,620 Total materials used $ 30.420 c. Time tickets show the following labor used for the month. Job 201 $ 39.200 Job 202 12,600 Total direct labor 51.800 Indirect labor 24-200 Total labor used $ 76.000 c. Time tickets show the following labor used for the month. Job 201 $ 39.200 Job 202 12,600 Total direct labor 51.800 Indirect labor 24,200 Total labor used $ 76.000 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 $163,760 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 $ 32.006 Rent on factory building (payable) 500 Factory utilities (payable) 800 Expired factory insurance 3,006 Total other factory overhead costs $ 36.300 Preparejournal entries to record the transactions reflected in items athrough g. Required information [The following information applies to the questions displayed below] Marco Company shows the following costs for threejobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 29,000 $ 35,000 Direct labor used (in March) 20,000 18,000 Overhead applied (March) 10,000 9,000 Costs during April Direct materials used 135,000 220,000 $ 100.000 Direct labor used 85,000 150,000 105,000 7 7 7 Overhead applied _ _. . .' Status on April 30 Fig??? 32:33? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. Predetermined overhead rate is 50% of direct labor cost. . Job 306 is sold for $635,000 cash in April. we Required: 1. Determine the amount of overhead applied to each job in April. 306 307 308 April Total $ 0 Predetermined overhead rate 0.50 0.50 0.50 0.50 Overhead appliedRequired information [The following information applies to the questions displayed below] Marco Company shows the following costs for threejobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) $ 29,000 $ 35,000 Direct labor used (in March) 20,000 18,000 Overhead applied (March) 10,000 9,000 Costs during April Direct materials used 135,000 220,000 $ 100,000 Direct labor used 85.000 150,000 105.000 7 7 7 Overhead applied Status on April 30 Figcgid 32:32:? In process Additional Information a. Raw Materials Inventory has a March 31 balance of $80,000. b. Raw materials purchases in April are $500,000, and total factory payroll cost in April is $363,000. c. Actual overhead costs incurred in April are indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $635,000 cash in April. a. Materials purchases (on credit). b. Direct materials used. c. Direct labor used (and paid in cash) and assigned to Work in Process Inventory. d. Indirect materials used and assigned to Factory Overhead. e. Indirect labor used (and paid in cash) and assigned to Factory Overhead. f. Overhead costs applied to Work in Process Inventory. 9. Actual other overhead costs incurred (Factory rent and utilities are paid in cash.) h. Transfer of Jobs 306 and 307 to Finished Goods Inventory. i. Cost of goods sold for Job 306. j. Revenue from the sale of Job 306 received in cash. k. Close underapplied or overapplied overhead to the Cost of Goods Sold account. 3. Prepare journal entries for the month of April to record the above transactions