Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

Information on Kwon Manufacturing$$s activities for its first month of operations follows:

Purchased $$100,700$ of raw materials on credit.

Materials requisitions show the following materials used for the month.

Job $201$ $ $48,900$

Job $20224,300$

Total direct materials $73,200$

Indirect materials $9,320$

Total materials used $ $82,520$

Time tickets show the following labor used for the month.

Job $201$ $ $39,900$

Job $20213,300$

Total direct labor $53,200$

Indirect labor $24,900$

Total labor used $ $78,100$

Applied overhead to Job $201$ and to Job $202$ using a predetermined overhead rate of $80\%$ of direct materials cost.

Transferred Job $201$ to Finished Goods Inventory.

Sold Job $201$ for $$165,860$ on credit.

Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment $ $32,700$

Rent on factory building $($payable$)570$

Factory utilities $($payable$)870$

Expired factory insurance $3,700$

Total other factory overhead costs $ $37,840$Prepare journal entries to record the transactions reflected in items a through $g.$

Journal entry worksheet

Note: Enter debits before credits.