Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[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
[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 $ 49,500 Job 202 24,900 Total direct materials 74,400 Indirect materials 9,920 Total materials used $84,320 c. Time tickets show the following labor used for the month. Job 201 $ 40,500 Job 202 13,900 Total direct labor 54,400 Indirect labor 25,500 Total labor used $ 79,900 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 $ 33,300 Rent on factory building (payable) 630 Factory utilities (payable) 930 Expired factory insurance 4,300 Total other factory overhead costs $ 39,160 2. Award: 3.00 points 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. 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 0 $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started