Required informationSkip to question

[The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month.

Job 201	$ 48,700
Job 202	24,100
Total direct materials	72,800
Indirect materials	9,120
Total materials used	$ 81,920

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

Job 201	$ 39,700
Job 202	13,100
Total direct labor	52,800
Indirect labor	24,700
Total labor used	$ 77,500

d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,260 on credit. g. Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment	$ 32,500
Rent on factory building (payable)	550
Factory utilities (payable)	850
Expired factory insurance	3,500
Total other factory overhead costs	$ 37,400

rev: 08_16_2021_QC_CDR-376

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

Required informationSkip to question

[The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month.

Job 201	$ 48,700
Job 202	24,100
Total direct materials	72,800
Indirect materials	9,120
Total materials used	$ 81,920

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

Job 201	$ 39,700
Job 202	13,100
Total direct labor	52,800
Indirect labor	24,700
Total labor used	$ 77,500

d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,260 on credit. g. Incurred the following actual other overhead costs for the month.

Depreciation of factory equipment	$ 32,500
Rent on factory building (payable)	550
Factory utilities (payable)	850
Expired factory insurance	3,500
Total other factory overhead costs	$ 37,400

rev: 08_16_2021_QC_CDR-376

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