Answered step by step
Verified Expert Solution
Question
1 Approved Answer
what else am i atill missing ? help me please. thanks. Required information [The following information applies to the questions displayed below.) Information on Kwon
what else am i atill missing ? help me please. thanks.
Required information [The following information applies to the questions displayed below.) Information on Kwon Manufacturing's activities for its first month of operations follows: a. Purchased $100,000 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 $ 48,200 23,600 71,800 8,620 $ 80, 420 c. Time tickets show the following labor used for the month. Job 201 Job 202 Total direct labor Indirect labor Total labor used $ 39,200 12,600 51,800 24,200 $ 76,000 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferrer Inh 201 to Finished Goods Inventory Rett 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 $163,760 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 $ 32,000 500 800 3.000 $ 36,300 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 100.000 71,800 Answer is not complete. Work in Process Inventory Beginning Balance 0 b 71.800 51,800 57,440 b. OOO Ending balance 28,200 Retur Required information Beginning Balance b Beginning Balance Factory Overhead 0 8,620 24,200 36,300 Finished Goods Inventory 0 125.960 >> 57440 d. 0 > C 9 Ending balance 125.960 Ending balance 11,680 Cost of Goods Sold Beginning Balance 0 125.900 Ending balance 125.960 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