{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-25T03:07:32-04:00", "answer_date": "2024-05-25 03:07:32", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1664191", "url": "\/study-help\/questions\/the-following-information-applies-to-the-questions-displayed-below-information-1664191", "question_creation_date_js": "2024-05-25T03:07:32-04:00", "question_creation_date": "May 25, 2024 03:07 AM", "meta_title": "[Solved] [The following information applies to the | SolutionInn", "meta_description": "Answer of - [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities f | SolutionInn", "meta_keywords": "information,applies,questions,displayed,below,kwon,manufacturing,s,activities,first,month,operations", "question_title_h1": " [The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300", "question_title": " [The following information applies to the questions displayed below.] Information on", "question_title_for_js_snippet": " The following information applies to the questions displayed below Information on Kwon Manufacturing's activities for its first month of operations follows a Purchased $101,300 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 $ 49,500 24,900 74,400 9,920 $ 84,320 c Time tickets show the following labor used for the month Job 201 Job 202 Total direct labor Indirect labor $ 40,500 13,900 54,400 25,500 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 $167,660 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 $ 33,300 630 930 4,300 Total other factory overhead costs $ 39,160 1 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 Required information 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 $ 49,500 $ 24,900 Labor 40,500 13,900 Overhead Total cost 69 90,000 $ 38,800 Required information Required 1 Required 2 Compute gross profit on the sale of Job 201 Sales Cost of goods sold Gross Profit Job 201 Red", "question_description": "\"image\"image\"image\"image", "transcribed_text": "[The following information applies to the questions displayed below.] Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $101,300 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 $ 49,500 24,900 74,400 9,920 $ 84,320 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor $ 40,500 13,900 54,400 25,500 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 $167,660 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 $ 33,300 630 930 4,300 Total other factory overhead costs $ 39,160 1. 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. Required information 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 $ 49,500 $ 24,900 Labor 40,500 13,900 Overhead Total cost 69 90,000 $ 38,800 Required information Required 1 Required 2 Compute gross profit on the sale of Job 201. Sales Cost of goods sold Gross Profit Job 201 < Red", "related_book": { "title": "Accounting for Governmental and Nonprofit Entities", "isbn": "78110939, 978-0078110931", "edition": "16th Edition", "authors": "Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/273.jpg", "uri": "\/textbooks\/accounting-for-governmental-and-nonprofit-entities-16th-edition-273", "see_more_uri": "" }, "free_related_book": { "isbn": "1503905098", "uri": "\/textbooks\/quantum-a-captain-chase-novel-1st-edition-9781503905092", "name": "Quantum A Captain Chase Novel", "edition": "" }, "question_posted": "2024-05-25 03:07:32", "see_more_questions_link": "\/study-help\/questions\/business-human-resource-management-2020-May-22", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/compute-the-regular-pay-overtime-rate-overtime-pay-and-gross-663396", "description": "Compute the Regular Pay, Overtime Rate, Overtime Pay, and Gross Pay for each employee. Employees are paid weekly. 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