Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q2. Kwon Manufacturing Please help me understand how to fill in the missing spaces on the table. How do I find the overhead costs? Required

Q2. Kwon Manufacturing

Please help me understand how to fill in the missing spaces on the table. How do I find the overhead costs?

image text in transcribed
Required Information {The foito wing information apoites to the questions dispiayeo Defer-it} Information on Kwon Manufacturing's activities for its rst month of operations follows: a. Purchased $100,200 of raw materials on credit. lo. Materials requisitions show the following materials used for the month. Job 28']. 5 48,488 Job 282 23,888 Total direct materials ?2,288 Indirect materials 8,828 Total materials used 5 81,828 c. Time tickets snow the following labor used for the month. Job 28']. 5 39,488 Job 282 12,888 Total direct labor 52,288 Indirect labor 24,488 Total labor used 5 28,888 d. Applied overhead to Job 201 and to Jolo 202 using a predetermined overhead rate of80% of direct materials cost. 8. Transferred Jolo 201 to Finished Goods Inventory. f. Sold Job 201 for 8154.380 on credit. 9. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment 3 32,288 Rent on factory building (payable) 528 Factory utilities (payable) 828 Expired factory insurance 3,288 Total other factory overhead costs 5 35:743

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions