Question
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
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[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.
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