Required information. Use the following information to answer questions. (Algo). [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,000 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 $ 49,200 24,600 73,800 9,620 $ 83,420 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,200 13,600 53,800 25,200 $ 79,000 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 $166,760 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) Pactory utilities (payable) Expired factory insurance. Total other factory overhead costs $ 33,000 600 900 4,000 $ 38,500 1 No 2 Answer is complete but not entirely correct. Transaction General Journal a. Raw materials inventory Accounts payable b(1). Work in process inventory Raw materials inventory 3 b(2). Factory overhead 4 c(1). Raw materials inventory Work in process inventory Factory wages payable 5 C(2). Factory overhead Factory wages payable Work in process inventory 00 Debit Credit 101,000 101,000 73,800 73,800 9,620 9,620 53,800 53,800 25,200 25,200 6 d. Factory overhead 59,040 59,040 7 e. Finished goods inventory 110,880 Work in process inventory 110,880 8 f(1). Accounts receivable 166,760 Sales 166,760 9 1(2). Cost of goods sold Finished goods inventory 10 9. Factory overhead Accumulated depreciation-Factory equipment Rent payable Utilities payable 110,880 110,880 38,500 33,000 600 900 Required information Use the following information to answer questions. (Algo) [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,000 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 $ 49,200 24,600 73,800 9,620 $ 83,420 c. Time tickets show the following labor used for the month. Job 201 Job 2021 Total direct labor Indirect labor Total labor used $ 40,200 13,600 53,800 25,200 $ 79,000 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 $166,760 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 $ 33,000 600 900 4,000 $ 38,500 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,000 600 900 4,000 $ 38,500 Exercise 15-8 (Algo) T-accounts for manufacturing activities LO P1, P2, P3 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 Beginning Balance 0 Ending balance 0 Work in Process Inventory Beginning Balance Ending balance. 0 Beginning Balance Factory Overhead 0 Finished Goods Inventory Beginning Balance 0 Ending balance Cost of Goods Sold Beginning Balance Ending balance Ending balance