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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:
- Purchased $101,200 of raw materials on credit.
- 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 |
- 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 |
- Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost.
- Transferred Job 201 to Finished Goods Inventory.
- (1) Sold Job 201 for $167,360 on credit. (2) Record cost of goods sold for Job 201.
- 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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