Information on Kwon Manufacturing's activities for its first month of operations follows: o. 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 Total materials used $ 49,900 25,300 75,200 10,320 $ 85,520 c. Time tickets show the following labor used for the month Job 201 Job 202 Total direct labor Indirect labor Total labor wood $ 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. 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 Total other factory overhead costs $ 33,700 670 970 4.700 $ 40,040 Prepare journal entries to record the transactions reflected in items a through g. Journal entry worksheet 3 1 2 3 5 6 7 8 09 9 10 > Record materials purchases. 3:38 Note: Enter debits before credits Transaction Credit a General Journal Raw materials inventory Accounts payable Debit 101,700 101.700 Record entry Clear entry View general journal Journal entry worksheet Record direct materials used. 3 Note: Enter debits before credits Transaction b(1) General Journal Debit Credit Work in process inventory Raw materials inventory 75,200 Record entry Clear entry View general journal Required information Journal entry worksheet Record indirect materials used. Note: Enter debits before credits Transaction b(2) Debit Credit General Journal Work in process inventory Factory overhead Factory wages payable 55 200 25,900 81,100 Record entry Clear entry View general journal 13 Journal entry worksheet Record direct labor used. 2229 Note: Enter debits before credits. General Journal Transaction c(1) Debit Credit ses Record entry Clear entry View general Journal 3 Journal entry worksheet > Record indirect labor used. 22:13 Note: Enter debits before credits. Transaction General Journal Debit Credit ces c(2) Record entry Clear entry View general Journal Journal entry worksheet Record the completion of Job 201. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the sale of job 201 on credit. 26 Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the cost of goods sold for Job 201. 08 Note: Enter debits before credits. Transaction General Journal Debit Credit (2) Record entry Clear entry View general journal Required information Journal entry worksheet
