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Information on Kwon Manufacturings activities for its first month of operations follows: Purchased $101,200 of raw materials on credit. Materials requisitions show the following materials

Information on Kwon Manufacturings activities for its first month of operations follows:

  1. Purchased $101,200 of raw materials on credit.
  2. Materials requisitions show the following materials used for the month.

Job 201 $ 49,400
Job 202 24,800
Total direct materials 74,200
Indirect materials 9,820
Total materials used $ 84,020

  1. Time tickets show the following labor used for the month.

Job 201 $ 40,400
Job 202 13,800
Total direct labor 54,200
Indirect labor 25,400
Total labor used $ 79,600

  1. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost.
  2. Transferred Job 201 to Finished Goods Inventory.
  3. (1) Sold Job 201 for $167,360 on credit. (2) Record cost of goods sold for Job 201.
  4. Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment $ 33,200
Rent on factory building (payable) 620
Factory utilities (payable) 920
Expired factory insurance 4,200
Total other factory overhead costs $ 38,940

Prepare journal entries to record the transactions reflected in items

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