Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: e. Purchased

image text in transcribed
image text in transcribed
Required information [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: e. Purchased $100,000 of raw materials on eredit. b. Materials requisitions show the following materials used for the month. c. Time tickets show the following labor used for the month. 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 $163,760 on credit. 9. Incurred the following actual other overhead costs for the month. Prepare journal entries to record the transactions reflected in items a through g. Required information \begin{tabular}{|c|c|c|c|c|c|} \hline & No) & Transaction & General Journal & Dobit & Credit \\ \hline & 1 & a. & Raw materials inventory & 100,000 & \\ \hline & & & Accounts payable & & 100,000 \\ \hline \multirow[t]{2}{*}{7} & 2 & b(1) & Work in process inventory & 71,800 & \\ \hline & & & Raw materials inventory & & 71,800 \\ \hline \multirow[t]{2}{*}{7} & 3 & b(2) : & Factory overhead & 8,620 & \\ \hline & & & Raw materials inventory & & 8,620 \\ \hline \multirow[t]{2}{*}{} & 4 & c(1). & Work in process inventory & 51,800 & \\ \hline & & & Factory wages paryable & & 51,800 \\ \hline & 5 & c(2) & Factory overthead & 24,200 & \\ \hline & & & Factory wages payablo & & 24,200 \\ \hline & 6 & d. & Work in process inventory & 57,440 & \\ \hline & & & Factory overhead & & 57,440 \\ \hline & 7 & e. & Finished goods inventory & 125,960 & \\ \hline & & & Work in process inventory & & 125,960 \\ \hline \multirow[t]{2}{*}{/} & 8 & (1). & Accounts receivable & 163,760 & \\ \hline & & & Salos: & & 163,760 \\ \hline \multirow[t]{2}{*}{

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

6th edition

133852105, 978-0133852103

More Books

Students also viewed these Accounting questions

Question

8. Explain how to price managerial and professional jobs.pg 87

Answered: 1 week ago