Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total
a. Purchased $101,900 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 $ 50,100 25,500 75,600 10,520 $ 86,120 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 41,100 14,500 55,600 26,100 $ 81,700 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 $169,460 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 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance $ 33,900 690 990 4,900 Total other factory overhead costs $ 40,480 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. f. (1) Sold Job 201 for $169,460 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 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $33,900 690 990 4,900 $ 40,480 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Job Number Job Number Materials 201 202 Labor Overhead Total cost $ 0 $ 0 Required T Required 2 > f. (1) Sold Job 201 for $169,460 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 Rent on factory building (payable) Factory utilities (payable)) Expired factory insurance $ 33,900 690 990 4,900 Total other factory overhead costs $ 40,480 1. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit on the sale of Job 201. Job 201 Gross Profit
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