Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please prepare the journal entries Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,500 of raw materials on credit.
Please prepare the journal entries
Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. c. Time tickets show the following labor used 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 $168,260 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Prepare journal entries to record the transactions reflected in items a through g. 1 Record materials purchases. 2 Record direct materials used. 3 Record indirect materials used. 4 Record direct labor used. 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. 7 Record the completion of Job 201. 4 Record direct labor used. 5 Record indirect labor used. 6 Record overhead applied to jobs at the rate of 80% of direct materials cost. 7 Record the completion of Job 201. 8 Record the sale of job 201 on credit. 9 Record the cost of goods sold for Job 201. 10 Record other actual factory overhead costs Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started