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Information on Kwon Manufacturing s activities for its first month of operations follows: Purchased $ 1 0 0 , 0 0 0 of raw materials

Information on Kwon Manufacturings activities for its first month of operations follows:
Purchased $100,000 of raw materials on credit.
Materials requisitions show the following materials used for the month.
Job 201 $ 48,200
Job 20223,600
Total direct materials 71,800
Indirect materials 8,620
Total materials used $ 80,420
Time tickets show the following labor used for the month.
Job 201 $ 39,200
Job 20212,600
Total direct labor 51,800
Indirect labor 24,200
Total labor used $ 76,000
Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
Transferred Job 201 to Finished Goods Inventory.
Sold Job 201 for $163,760 on credit.
Incurred the following actual other overhead costs for the month.
Depreciation of factory equipment $ 32,000
Rent on factory building (payable)500
Factory utilities (payable)800
Expired factory insurance 3,000
Total other factory overhead costs $ 36,300
1.Compute gross profit on the sale of Job 201.

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