Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total
a. Purchased $100,500 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 Total materials used $ 48,700 24,100 72,800 9,120 $ 81,920 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 39,700 13,100 52,800 24,700 $ 77,500 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 $165,260 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment Rent on factory building (payable) $ 32,500 550
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started