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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
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
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