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 $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ 48,700 24,100 72,800 9,120 Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 81,920 c. Time tickets show the following labor used for the month. Job 201 $ 39,700 13,100 52,800 24,700 $ 77,500 Job 202 Total direct labor Indirect labor Total labor used 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 $165,260 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. $ 32,500 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance 550 850 3,500 Total other factory overhead costs $ 37,400 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.

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 $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ 48,700 24,100 72,800 9,120 Job 201 Job 202 Total direct materials Indirect materials Total materials used $ 81,920 c. Time tickets show the following labor used for the month. Job 201 $ 39,700 13,100 52,800 24,700 $ 77,500 Job 202 Total direct labor Indirect labor Total labor used 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 $165,260 on credit. (2) Record cost of goods sold for Job 201. g. Incurred the following actual other overhead costs for the month. $ 32,500 Depreciation of factory equipment Rent on factory building (payable) Factory utilities (payable) Expired factory insurance 550 850 3,500 Total other factory overhead costs $ 37,400 Post entries for transactions a through g to the T-accounts. Each of T-accounts started the month with a zero balance.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 5E: Recording materials transactions Prepare a journal entry to record each of the following materials...

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Required information Skip to question [The following information applies to the questions displayed below.] Information on Kwon Manufacturing’s activities for its first month of operations follows: Purchased $100,100 of raw materials on credit. Materials requisitions show the following materials used for the month. Job 201 $ 48,300 Job 202 23,700 Total direct materials 72,000 Indirect materials 8,720 Total materials used $ 80,720 Time tickets show the following labor used for the month. Job 201 $ 39,300 Job 202 12,700 Total direct labor 52,000 Indirect labor 24,300 Total labor used $ 76,300 Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate is 80% of direct materials cost. Transferred Job 201 to Finished Goods Inventory. (1) Sold Job 201 for $164,060 on credit. (2) Record cost of goods sold for Job 201. Incurred the following actual other overhead costs for the month. Depreciation of factory equipment $ 32,100 Rent on factory building (payable) 510 Factory…
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 $100,500 of raw materials on credit. b. Materials requisitions show the following materials used for the month. $ Job 201 a. b. C. Job 202 Total direct materials Indirect materials, Beginning Balance Total materials used Ending balance c. Time tickets show the following labor used for the month. Job 201 $ Job 202 Total direct labor Indirect labor 48,700 24, 100 72,800 9,120 d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost. e. Transferred Job 201 to Finished Goods Inventory. f. Sold Job 201 for $165,260 on credit. $ 81,920 S Total labor used 77,500 g. Incurred the following actual other overhead costs for the month. Depreciation of factory $ 32,500 550 850 3,500 $ 37,400 39,700 13,100 52,800 24,700 Post entries for transactions a…
Required Information Use the following Informatlon to answer questlons. (Static) [The following information apples to the questions displayed below) Information on Kwon Manufacturing's activitles for Its first month of operatlons follows: 6. Purchased $100,000 of raw matertals on credit. b. Materials requisitions show the following materials used for the month. Job 201 Job 202 Total direct materials Indirect materials $ 48,200 23,600 71,800 8,620 S se,420 Total materials used c. Time tickets show the following labor used for the month. ces Job 201 Job 202 Total direct labor Indirect labor $39, 200 12,600 51,800 24,200 $ 76,000 Total labor used d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost e. Transferred Job 201 to Finished Goods Inventory 1. Sold Job 201 for $163,760 on credit. g. Incurred the following actual other overhead costs for the month Depreciation of factory equipnent Rent on factory building (payable)…
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