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 $100.800 of raw materials on credit. b. Materials requisitions show the following materials used for the month. Job 201 $ 49,089 Job 202 24,489 Total direct materials 73,409 Indirect materials 9,428 Total materials used $ 82, 820 c. Time tickets show the following labor used for the month. Job 201 $ 40,090 Job 202 13,490 Total direct labor 53,490 Indirect labor 25,090 Total labor used $ 78,490 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. (1) Sold Job 201 for $166.160 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,808 Rent on factory building (payable) 580 Factory utilities (payable) 880 Expired factory insurance 3.800 Total other factory overhead costs $ 38, 0601. Prepare a job cost sheet for Job 201 and for Job 202 for the month. 2. Compute gross profit on the sale of Job 201. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a job cost sheet for Job 201 and for Job 202 for the month. Job Number Job Number 201 202 Materials Labor Overhead Total cost S 0 S 0Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit on the sale of Job 201. Job 201 Gross ProfitPrepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 Record materials purchases. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalRecord materials purchases. Record direct materials used. Record Indirect materials used. Record direct labor used. Record indirect labor used. Record overhead applied to jobs at the rate of 80% of direct materials cost. Record the completion of Job 201. 8 Record the sale of job 201 on credit. 9 Record the cost of goods sold for Job 201. 10 Record other actual factory overhead costs.Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance. Raw Materials Inventory Work in Process Inventory Beginning Balance 0 Beginning Balance 0 Ending balance Ending balance 0 Factory Overhead Finished Goods Inventory Beginning Balance 0 Beginning Balance 0 Ending balance Ending balance 0 Cost of Goods Sold Beginning Balance 0 Ending balance
