Q3. Prepare journal entries to record the transactions reflected in items a through g.

Required Information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100.100 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 291 $ 48, 380 Job 292 23, 789 Total direct materials 72, 080 Indirect materials 8,720 Total materials used $ 80, 720 c. Time tickets show the following labor used for the month. Job 291 $ 39,309 Job 292 12, 798 Total direct labor 52,208 Indirect labor 24,308 Total labor used $ 76,308 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. 3. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $164,060 on credit. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32, 108 Rent on factory building (payable) 518 Factory utilities (payable) 816 Expired factory insurance 3, 109 Total other factory overhead costs $ 36,528