Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the

image text in transcribedimage text in transcribedimage text in transcribed
Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,900 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 50, 100 Job 202 25, 500 Total direct materials 75, 600 Indirect materials 10, 520 Total materials used $ 86, 120 c. Time tickets show the following labor used for the month. Job 201 $ 41, 100 Job 202 14,500 Total direct labor 55,600 Indirect labor 26,100 Total labor used $ 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 $ 33,900 Rent on factory building (payable) 690 Factory utilities (payable) 990 Expired factory insurance 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 Prepare a job cost sheet for Job 201 and for Job 202 for the month. 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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cornerstones Of Financial Accounting

Authors: Jay Rich, Jeff Jones

3rd Edition

1285424409, 978-1285423678

More Books

Students also viewed these Accounting questions

Question

1. To understand how to set goals in a communication process

Answered: 1 week ago