Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,700 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 $ 49,900 25,300 75,200 10,320 Total materials used $ 85,520 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,900 14,300 55,200 25,900 $ 81,100 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 $168,860 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 $ 33,700 670 970 4,700 Total other factory overhead costs $ 40,040 Prepare journal entries to record the transactions reflected in items a through g. 2 b(1). Work in process inventory 75,200 Raw materials inventory 75,200 3 b(2). Factory overhead 10,320 Raw materials inventory 10,320 4 c(1). Work in process inventory 55,200 Factory wages payable 55,200 5 c(2). Factory overhead 25,900 Factory wages payable 25,900 6 d. Work in process inventory 44,160 Factory overhead 44,160 7 e. Finished goods inventory 123,520 Work in process inventory 123,520 8 f(1). Accounts receivable Sales 168,860 168,860 123,520 123,520 9 f(2). Cost of goods sold Finished goods inventory 10 g. Factory overhead 40,040 Accumulated depreciation-Factory equipment 33,700 Accounts payable 1,640 Prepaid insurance 4,700 Beginning Balance a. Raw Materials Inventory 0 101,700 Ending balance 16,180 Beginning Balance b. C. g. Ending balance Beginning Balance 9. Factory Overhead 0 10,320 25,900 40,040 32,100 Cost of Goods Sold 0 123,520 Ending balance 123,520 Beginning Balance 75,200 b. b. 10,320 b. C. d. Work in Process Inventory 0 75,200 55,200 44,160 123,520 e. Ending balance 51,040 Finished Goods Inventory Beginning Balance 44,160 d. e. 0 123,520 Ending balance 0 123,520 9