A B C D E F G 2 Information on Kwon Manufacturing's activities for its first month of operations follows: 3 4 a. Purchased raw materials on credit. 5 b. Materials requisitions show the following materials used for the month. 6 7 Job 201 $48,200 8 Job 202 23,600 9 Total direct materials 71,800 10 Indirect materials 11 Total materials used 12 13 c. Time tickets show the following labor used for the month. 8,620 $80,420 14 15 Job 201 $39,200 16 Job 202 17 Total direct labor 18 Indirect labor 19 Total labor used 12,600 51,800 24,200 $76,000 20 21 d. Applied overhead to jobs using the predetermined overhead rate. $100,000 80% of direct materials cost 22 e. Transferred Job 201 to Finished Goods Inventory. 23 f. (1) Sold Job 201 on credit for: 24 g. Incurred the following actual other overhead costs for the month. 25 26 Depreciation of factory equipment 27 Rent on factory building (payable) 28 Factory utilities (payable) $32,000 500 800 3,000 30 Total other factory overhead costs 31 $36,300 29 Expired factory insurance $163,760 (2) Record cost of goods sold for Job 201. 32 Required: 33 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 34 35 (Use cells A4 to F30 from the given information to complete this question.) 36 Job Number Job Number 37 38 Materials 39 Labor 40 Overhead 201 202 41 Total cost 42 43 2. Compute gross profit on the sale of Job 201. 44 45 (Use cells A4 to F30 from the given information to complete this question.) 46 47 48 49 50 Gross Profit 51 Job 201