Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

image text in transcribedimage text in transcribed

[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 Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 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 Rent on factory building (payable) Factory utilities (payable) Expired factory insurance Total other factory overhead costs $ 33,300 630 930 4,300 $ 39,160 Prepare journal entries to record the transactions reflected in items a through g. View transaction list Journal entry worksheet Record materials purchases. Note: Enter debits before credits. Tran tion General nal Debit Credit a. Record entry Clear entry View general journal (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 $ 49,500 24,900 74,400 9,920 $ 84,320 Total materials used c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 40,500 13,900 54,400 25,500 $ 79,900 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 Balance 0 Ending balance 0 Ending balance 0 Factory Overhead Finished Goods Inventory Beginning Balance 0 Beginning Balance 0 Ending balance 0 Ending balance 0 Cost of Goods Sold Beginning Balance 0 Ending balance 0

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

Audit And Assurance Principles And Practices In Singapore

Authors: Dr Ernest Kan

5th Edition

9814838136, 978-9814838139

More Books

Students also viewed these Accounting questions

Question

=+(2.9) PUAK =EP(A) - EP(ANA,) k=1 i

Answered: 1 week ago