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 $101,600 of raw materials on credit b. Materials requisitions show the following materials used for the month Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 49,800 25,200 75,aee 10, 220 $ 85,220 c. Time tickets show the following labor used for the month N Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,880 14.200 55,000 25,800 $ 80,860 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. 1. (1) Sold Job 201 for $168,560 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 Ment on factory building (payable) Factory utilities (payable) Expired factory Insurance Total other factory overhead costs $33,600 660 960 4,600 $9,820 Post entries for transactions o through g to the T-accounts. Each of T-accounts started the month with a zero balance Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 Raw materials inventory Accounts payable 101.600 101.000 2 b(1) Work in process inventory Direct materials used 75.000 75,000 3 b[2) Factory overhead Raw materials inventory 10.220 O 10.220 4 (1) Work in process inventory Factory overhead S 55,000 55.000 5 (2). Cash Indirect labor 25,800 25.300 o Work in process inventory Factory overhead lo 80.000 80.000 7 Finished goods inventory Work in process inventory 130 440 slo 130.440 8 FO Accounts receivable Sales 466.500 158.500 2 42) Cost of goods sold Finished goods inventory SO 120.950 120.000 10 Factory overhead 20 320 Acumulated depreciation Factory woment 33.000 Rantaya 880 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 t. (1) Sold Job 201 for $168,560 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 Rent on factory building payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,600 560 958 4,600 $ 39,820 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 Batano b. Ending balance 0 C d. Factory Overhead Finished Goods Inventory Beginning Balance Beginning Balance Ending balance Ending balance Cost of Good Sold Beginning Balance