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Required information Skip to question [The following information applies to the questions displayed below.] Information on Kwon Manufacturings activities for its first month of operations

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[The following information applies to the questions displayed below.] Information on Kwon Manufacturings activities for its first month of operations follows:

  1. Purchased $100,300 of raw materials on credit.
  2. Materials requisitions show the following materials used for the month.

Job 201 $ 48,500
Job 202 23,900
Total direct materials 72,400
Indirect materials 8,920
Total materials used $ 81,320

  1. Time tickets show the following labor used for the month.

Job 201 $ 39,500
Job 202 12,900
Total direct labor 52,400
Indirect labor 24,500
Total labor used $ 76,900

  1. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost.
  2. Transferred Job 201 to Finished Goods Inventory.
  3. (1) Sold Job 201 for $164,660 on credit. (2) Record cost of goods sold for Job 201.
  4. Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment $ 32,300
Rent on factory building (payable) 530
Factory utilities (payable) 830
Expired factory insurance 3,300
Total other factory overhead costs $ 36,960

Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.

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