Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help setting up T accounts Part3 ofE skipped References Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,800

need help setting up T accounts

image text in transcribedimage text in transcribed
Part3 ofE skipped References Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 58,800 Job 202 25,400 Total direct materials 75,400 Indirect materials 18,420 Total materials used 5 85323 1:. Time tickets show the following labor used for the month. Job 201 $ 41,330 Job 202 14,4-W Total direct labor 55,400 Indirect labor 26,800 Total labor used 5 81,400 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 $169,160 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 5 33,300 Rent on factory building (payable) 650 Factory utilities (payable) 950 Expired factory insurance 4,300 Total other factory overhead costs 5 '13sz Post entries for transactions a through 9 to the Taccounts. Each of Taccounts started the month with a zero balance. Ending balance a ___ Ending balance

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

Financial Accounting Fundamentals

Authors: John Wild

4th Edition

0078025591, 9780078025594

More Books

Students also viewed these Accounting questions

Question

summarize the history of work psychology;

Answered: 1 week ago

Question

2. Develop a good and lasting relationship

Answered: 1 week ago

Question

1. Avoid conflicts in the relationship

Answered: 1 week ago