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Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. [The following information applies to
Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.
[The following information applies to the questions displayed below.) Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,800 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 $ 49,000 24,400 73,400 9,420 $ 82,820 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,000 13,400 53,400 25,000 $ 78,400 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 $166,160 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 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 32,800 580 880 3,800 $ 38,060 Work in Process Inventory 0 Beginning Balance Raw Materials Inventory 0 100,800 82,820 b. Beginning Balance a. Ending balance 17,980 Ending balance 0 Factory Overhead Finished Goods Inventory 0 Beginning Balance Beginning Balance b. 9,420 e. C. g. d. f. Ending balance 0 Ending balance 9,420 Cost of Goods Sold 0 Beginning Balance Eg. Ending balance 0Step by Step Solution
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